Recently, Ethereum has been quite active! A few days ago it surged by 40%, and tonight after a false rally, it plummeted by 10%. Is this the last shakeout before the upward cycle of Ethereum?

As a veteran in the crypto space, let me break down ETH's recent market trends and technical upgrades for you.

First, let's talk about the technical aspects:

The Pectra upgrade on May 7th was impressive, directly doubling the blob capacity of each block.

Now the gas fees for Rollup projects are almost negligible.

Account abstraction has also been upgraded, making it more user-friendly and secure.

Market performance:

Just a few days ago it broke through $2700, only to drop below $2400 shortly after.

The derivatives market has been thrilling, with 4.38 billion in short positions liquidated in 4 days.

Big players are secretly increasing their positions, with addresses holding over 10,000 ETH accumulating more than 40 million coins.

Regulatory environment:

The new stablecoin legislation in the U.S. is a bit annoying.

The EU will start delisting non-compliant stablecoins in June.

However, it's quite interesting that Arizona allows taxes to be paid in Bitcoin.

Personal observations:

1. After the upgrade, Rollup is indeed smoother, but the storage pressure on nodes has increased.

2. The blob space is currently a bit surplus, with a utilization rate of only 67%.

3. Altcoins followed Ethereum's rise, but their sustainability is questionable.

Key points to watch:

✅ Changes in whale holdings

✅ Impact of EU regulations on DeFi

✅ Changes in ETH burn rate

What do you think this upgrade can bring ETH? Is $3000 achievable? Feel free to discuss in the comments! Follow me for first-hand on-chain data! #ETH走势分析 #MichaelSaylor暗示增持BTC