On May 7, 2023, Ethereum successfully implemented the Pectra upgrade, introducing key improvements such as a higher staking cap and account abstraction (EIP-7702 standard), enhancing network efficiency and user experience. This upgrade is viewed by the market as a long-term positive, driving the ETH price to surge by 20% within 24 hours, becoming the core technical driver of the recent rally. Addresses holding over 10,000 ETH, referred to as 'whales', have continued to accumulate since late April, reaching the highest level of holdings since March 2025. Data from Glassnode shows that the net position of such addresses has turned positive, indicating increased confidence from large funds in the market outlook. Since May 8, the Ethereum futures market has seen large-scale short covering, with a liquidation amount reaching $437.94 million, far exceeding the long liquidation amount ($211.29 million). The rapid price increase has forced shorts to cover, creating a 'short squeeze' that further pushed the ETH price to the $2,600 mark. A bullish crossover has appeared on the daily chart, while the 4-hour chart shows continued strengthening momentum. After breaking through the $2,550 level (61.8% retracement), the target is set towards $2,700, and even above $3,000. The ongoing upgrades to the Ethereum network in 2025, coupled with an increase in staking rates leading to supply tightening, and the potential approval of a spot ETF (currently expected in the market with a probability of 77%) could drive prices to new highs.