#ETH Recently, this wave of market movement really has some substance. It climbed all the way from $2,840 to $2,990, and now it directly stands at $3,070, with long positions gaining momentum.

There are actually several key drivers behind this round of gains. First, on the Federal Reserve side, the expectation of a 25 basis point rate cut in December has been priced in by the market with an 86% probability — money is likely to loosen, and risk assets naturally gain confidence. More crucially, the Ethereum network upgrade is approaching. If you look back at the historical records, you will find that every major upgrade has been able to bring a wave of market activity: after the Berlin upgrade in 2021, it soared from 1,600 to 4,371; the Shanghai upgrade in 2023 saw it rise from 1,400 to 2,200; and last year's Cancun upgrade shot up from 2,000 to 4,000. Although technical pullbacks are common after upgrades, the main trend remains upward.
Another noteworthy signal is the personnel changes. Former White House economic advisor Kevin Hassett may take over as the next chairman of the Federal Reserve, and this person's policy inclination has always been dovish, which is a positive expectation for liquidity improvement. The crypto market has a characteristic - before the news lands, prices move first. Therefore, at the current position, the medium to long-term allocation logic still holds up.
With technological upgrades combined with an improving macro environment, there is indeed room for imagination with Ethereum this time.