As of June 13, 2025, the price of Ethereum (ETH) has shown significant volatility, hitting a daily low of $2,433 and closing at $2,497, down 8.6%, primarily dragged down by geopolitical risks (such as the Middle East conflict), leading to increased market risk aversion. However, another data point during the same period showed that the ETH price once soared to $3,680, with a 24-hour increase of 7.46%, possibly related to institutional capital inflows (such as a net increase of 76,694 ETH in ETFs) and technical breakthroughs at resistance levels.

Key influencing factors:

1. Technical upgrade: The Pectra upgrade (launching in July) will increase TPS to 90 and reduce Gas fees, benefiting ecological development in the long term.

2. Institutional demand: Spot ETFs have seen a net inflow of $321 million for 12 consecutive days, and if staking ETFs are approved, they may further push up prices.

3. Market sentiment: The ETH/BTC exchange rate has reached a ten-year high, indicating a clear trend of capital shifting from Bitcoin to Ethereum.

Short-term outlook: If it breaks through the resistance level of $2,680, it may test the range of $3,600-$3,900; if it falls below the support of $2,381, it may retrace to $2,200. In the long term, the deflationary mechanism (31% of ETH is staked) and technical upgrades support the valuation.