From a technical perspective, ETH has completed the 'breakout from the descending channel → confirmation of pullback → effective support' reversal trilogy; the expectation of interest rate cuts and the inflow of institutional funds have strengthened the continuity of the trend. If the pullback does not break the 4300–4260 range, the reversal signal will be established, and it is highly likely to enter a mid-term upward trend. $ETH