$ETH As of February 2025, Ethereum (ETH) faces short-term market pressure, and the ETH/BTC exchange rate has fallen to 0.028. Whales have intensified bearish sentiment by selling ETH by borrowing ETH with BTC as collateral. However, fundamentals show that institutions continue to increase their positions. The proportion of ETH ETF holdings has increased from 4.8% in Q3 to 14.5% in Q4, while the proportion of BTC ETF holdings has decreased during the same period, reflecting the long-term confidence of institutions in ETH. On the technical level, Ethereum will be upgraded in April to optimize gas fees and network performance. The ETH ETF staking function may be approved, which may attract traditional capital inflows. The market predicts that if Bitcoin breaks through $200,000 and the ETH/BTC exchange rate rebounds to 0.05, ETH may hit $10,000. Analysts generally expect the target range to be $4,500-10,000 by the end of the year, but be wary of the decline in miners' profits and macro volatility risks.