In the chess game of the crypto world, Ethereum is leveraging technology to pry open the future.
Today, as Bitcoin broke $124,000 on expectations of a Fed rate cut, Ethereum was playing Tai Chi in the 'comfort zone' of $4700-$4800—Bollinger Band middle line is flat, MACD red bars shrink to ankle level, and trading volume is $972 million like a cup of plain water. But don’t be fooled by this 'lying flat' illusion; the undercurrents have already started to surge.

Technical analysis: Bulls are catching their breath, but not lying flat.

In the 4-hour K-line, ETH has recently been like a roller coaster: a slight rise, followed by a slight drop, and finally ending with a bullish candle. RSI is dancing on the 70 line, MA10 is firmly pressing down on MA30, reminiscent of the 'double bottom' structure in March 2025—when it indicated to the market with a 500% increase that range fluctuations are the calm before the storm.

News: Three major positives are on the way.

First ignition: Bullish exchange listing. This 'crypto newcomer' holding 24,300 BTC and 12,600 ETH saw its stock price soar 200% after ringing the bell on the NYSE today. What’s even more intriguing is that it holds $59 million in ETH, enough for the market to speculate—if these chips loosen, could they become the catalyst for breaking through $4800?

Second ignition: Technical upgrades take effect. This Q2's Proto-Danksharding has reduced Layer 2 fees by 80%, and TPS has surged to 100,000. Even more impressive is the Pectra upgrade, allowing gas fees to be paid in USDC, compressing full node storage requirements from 786GB to 200GB. This isn’t just an upgrade; it’s clearly providing a ladder for retail investors and a red carpet for institutions.

Third ignition: Signals of regulatory easing. Although the SEC saw a net outflow of $240 million from ETH ETFs in the past three months, if they approve staking yield distribution, BlackRock and Fidelity's billions could directly 'top off' the market. The licensing of exchanges in Hong Kong and El Salvador's ETH legal tender pilot seem to be building bridges for traditional funds.

Captain's suggestion: Look for sweet spots in the fluctuations.

Short-term traders: Lightly test long positions around 4700, take profits near 4800. Spot traders: Wait for a drop below 4670 or a breakout above 4800 to get in; watching from the sidelines is safer for now.

But don’t forget tonight's U.S. CPI data—this 'economic health report' could cause the entire crypto circle to plunge if it exceeds expectations. After all, when the dollar index drops to 146.35 and Trump shouts about including BTC in retirement accounts, any slight move could trigger a chain reaction.

The captain finally speaks the truth: ETH is like a plane taking off right now, with $4700-$4800 as the runway, technical upgrades as the engine, and institutional funds as the fuel. When 'modular blockchain' meets 'traditional finance,' it seeks not short-term fluctuations but the throne of the 'digital economy operating system.'

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