On May 7, $ETH Ethereum completed the Pectra upgrade, introducing improvements to wallet functionality, increased staking limits, and other optimizations. Although the market response was tepid at the beginning of the upgrade (with ETH price around $1,810 on May 8), it suddenly surged by 20% within the next 24 hours, peaking at $2,230, with open contracts increasing by 21%, leading to a massive liquidation of short positions. Some analysts view this rebound as a turning point, potentially linked to the technical confidence brought by the upgrade and favorable macro policies (such as the US-UK trade agreement).

ETH tested the support level of $1,750-$1,770 in early May, then broke through the resistance zone of $1,880-$1,900, targeting $2,100-$2,300.

The RSI (58) and MACD golden cross on the 4-hour chart show bullish momentum, but the daily RSI (75.1) is near the overbought zone, which raises caution for short-term pullback risks.

May has traditionally been a strong month for ETH, with an average return rate of 27.36%. Despite ETH dropping 56% in the first four months of 2025, historical patterns still provide optimistic expectations for the market.

The Ethereum trend in May 2025 showed a 'first suppression then rise' characteristic, with a technical rebound after the Pectra upgrade and macro policy support pushing prices through key resistance. Although short-term overbought signals and leverage risks should be monitored, on-chain data, whale accumulation, and historical seasonal patterns still support a bullish logic in the medium to long term. Investors may look for opportunities to position themselves in the $1,900-$2,000 range during pullbacks, while closely tracking ETF fund flows and ecological development dynamics. If ETH stabilizes above $2,300, it may challenge the $2,950 target by the end of the second quarter (based on a historical average return rate of 62.2%).