How to look at the two pancakes in the morning?

1. Core logic

• Technical aspect: 1750 is a strong support, EMA15/30 moving averages provide upward momentum; 1800 is a key resistance, breaking through may challenge 1930 or even 2000

• Sentiment aspect: ETF single-day net inflow of 1.54 billion sets a record, institutional entry; ETH balance hits a new low, concentrated chips

• Macro and ecology: Expectations for Fed interest rate cuts are rising, declining US Treasury yields are favorable; Pectra upgrade improves performance, DeFi locked positions are recovering, and the proportion of real asset tokenization is 80%

2. Suggestions

Adjust to around 1740-1720, aiming for 1800-1850, and if broken, aim for 1930