Ethereum (ETH) recently broke through $2500, mainly driven by the successful Ethereum Pectra upgrade, the revival of the DeFi ecosystem (TVL reached $80 billion), and the inflow of institutional funds. The technical outlook shows strong short-term momentum, but caution is needed near the 200-day moving average ($2426) resistance and regulatory risks (such as SEC investigations). If it holds above $2500, it may target the $2800-3000 range, but the risk of a high-level pullback still exists, especially if competing chains (like Solana) divert funds or market sentiment shifts. In the long term, network upgrades and staking growth may support prices, but volatility is expected to persist.