Since November 2024, Ethereum's price has experienced a significant rise for the first time, with a daily increase of 12% on May 9, breaking through $2,688 and driving the ETH/BTC trading pair up by 2.1%. Its dominance rebounded from the monthly support level of 14.8% to 15.2%, and technical indicators (such as RSI recovery and MACD bullish crossover) show strong upward momentum. The Pectra upgrade of Ethereum has improved network efficiency, combined with institutional capital inflow (with a daily net inflow of $45 million into Ethereum-related funds), further solidifying its position as a bellwether for altcoin trends. The implementation of the US-UK trade agreement and Trump's optimistic remarks on Sino-US negotiations have eased market tensions, leading to a single-day surge of $221 billion in total cryptocurrency market capitalization, reaching a two-month high. A rebound in risk appetite has prompted capital to flow into highly volatile altcoins. Although interest rate cut expectations have been postponed to twice in 2025, market speculation about the Fed's future easing policies still provides potential upward momentum for crypto assets, especially as altcoins may benefit from expectations of improved liquidity. The RSI indicator for ETH has entered the overbought zone (72), and some altcoins like VIRTUAL are facing profit-taking pressure after surging 45%, necessitating caution against pullback risks. If the results of Sino-US trade negotiations result in a deadlock, it may suppress the current upward trend. Additionally, delays in the approval of altcoin ETFs and regulatory ambiguities in DeFi remain long-term constraints. It is necessary to filter projects with solid fundamentals (such as AI combined with blockchain and high-performance Layer-1 chains) and avoid chasing concept tokens excessively. Historical data shows that altcoin seasons typically start after Bitcoin enters a consolidation phase; if BTC stabilizes above $100,000, capital rotation may accelerate. In summary, recent altcoin trends show significant signs of recovery, but the market is still in a tug-of-war phase between bulls and bears, requiring strategy adjustments based on technicals, macro policies, and on-chain data dynamics.