$ETH Currently, ETH is at a critical point of bullish and bearish: short-term overbought pullback pressure and mid-to-long-term on-chain accumulation, along with favorable policies creating a tug-of-war. Investors are advised to pay attention to the following core variables:

1. Validity of the $700 support (determines the risk of a second bottom);

Progress of the Pectra upgrade and revival of DeFi activity (validation of ecological fundamentals);

Trends in SEC regulation and correlation with U.S. stocks (transmission of macro sentiment).

If ETH can hold the key support and break through $1,895, the mid-term target can be seen at $2,300-$2,500; otherwise, there is a risk of retracing to $1,350. In terms of position management, it is recommended to adopt a "core position (50% ETH) + hedging tools (put options)" combination to balance returns and risks.