In June 2025, Ethereum (ETH) welcomed a strong rebound, with the price breaking through $2,827 (a new 15-week high), and a 24-hour increase of 19.6%. Core driving factors include:

1. Technical upgrades: The Pectra hard fork enhances staking limits and scalability, combined with the EIP-7251 proposal optimizing staking liquidity;

2. Market sentiment: Bitcoin breaking through $110,000 has driven a recovery in the crypto market, with $1.8 billion in short positions facing liquidation pressure;

3. Ecological expansion: Active addresses on Layer 2 networks like Base surged by 70%, benefiting the mainnet's value;

4. Macro environment: Expectations for interest rate cuts by the Federal Reserve are rising, favoring risk assets.

Risk points: Unsettled derivatives contracts have reached $40 billion, with excessive leverage; if it falls below $2,600, it may trigger a $2 billion long liquidation. In the short term, attention is on the breakthrough of the key resistance level at $2,800.