The recent market performance of Ethereum (ETH) has attracted significant attention, with the ETH/BTC trading pair approaching a historical key area near 0.016 Bitcoin, a level that led to a strong rebound lasting a year after bottoming out in 2019. The current ETH/BTC trend is strikingly similar to that of 2019, with the RSI indicator in the oversold zone and operating below long-term moving averages, indicating that the market may be nearing a phase bottom. Factors influencing ETH's trend include the controversies arising from Ethereum's transition to Proof of Stake (PoS), increased industry competition, and Bitcoin's dominant position among institutional investors. However, the protocol innovation proposals and five-year development plan put forward by Vitalik Buterin are seen by some analysts as significant positive factors for ETH. From a technical perspective, ETH/BTC is attempting to break through a long-standing downward resistance curve, and if it stabilizes, a new round of increases could be on the horizon. Investors should pay attention to key support and resistance levels and operate cautiously in conjunction with market sentiment.