The recent price fluctuations of Ethereum (ETH) have been significant, with the current price on June 12, 2025, reported at $2566.75, a daily decline of 2.92%, trading in the range of $2539.89 to $2648.56. The market is influenced by multiple factors:

1. Technical Upgrades: The Pectra upgrade (launching in July) increases TPS to 90 and reduces gas fees, temporarily boosting prices by 40% to $2600;

2. Institutional Funds: Spot ETFs have seen a net inflow of $321 million for 12 consecutive days, and the staking ETF is expected to attract long-term capital;

3. Risk Factors: Regulatory uncertainties (such as the SEC's review of staking ETFs) and high leverage (with $40 billion in open contracts) may trigger severe volatility;

4. Competitive Pressure: The low fee advantage of chains like Solana is diverting ecosystem activity.

The short-term target is to break through $2900, and in the medium term, if the ETF is approved, it may challenge $4000. Caution is needed for a pullback to the support level of $2300.