Last night's market action was really intense 💥

Starting at around 10:30 PM, ETH suddenly took off. The price surged from around $2,852 all the way up to nearly $2,980 at its peak. This rally was both fast and fierce, driven by several forces working together.

Let's talk about the timing ⏱️

Around 22:30, ETH was still hovering in the $2,852 to $2,860 range. Right at that moment, the market started picking up on something different—a signal of policy easing from the U.S., and institutional funds began moving as well.

The next 50 minutes were crucial. From 22:30 to 23:20, ETH shot up from $2,860 to $2,984, a 4.35% increase. That kind of speed clearly points to big money buying in.

By 23:40, the price stabilized around $2,980.15, and buying sentiment remained strong.

Why did it suddenly pump? 🤔

First, the macro environment changed. The Fed has officially ended quantitative tightening, and expectations for rate cuts are heating up. This kind of macro shift is a bullish signal for risk assets.

A more direct driver came from institutions. U.S. banks have recently allowed their wealth management advisors to recommend a 1%-4% allocation to crypto assets for clients, which is a significant signal. Plus, giants like Vanguard and BlackRock are also adjusting their stance, making the trend of institutional entry increasingly clear.

There’s also a technical catalyst not to overlook—Ethereum’s Fusaka upgrade is scheduled for December 3rd. Every major upgrade brings speculative anticipation, and this time is no different. As the spot price surged, both trading volume and technical indicators strengthened across the board, giving the whole market a strong bullish vibe.