#比特币对比代币化黄金 What is behind the sudden jump of Ethereum?

Recently, many investors in the currency circle have been asking the same question: Why did ETH suddenly take off? Is this going to be a big market again? Let's take it apart from several dimensions, in fact, the logic is not complicated.

First of all, it must be admitted that on-chain data now reveals some interesting signals. Large-value addresses continue to buy Ethereum, many institutions have begun to adjust their position allocation, and over-the-counter funds are slowly returning to mainstream currencies. What do these signs indicate? It means that there is real money in action. Funds are always more honest than words, and big investors are already taking the lead.

Secondly, the anticipation of an Ethereum network upgrade has been fermenting in the market. Whenever information about the upgrade comes out, the enthusiasm of the market is ignited. Network speed, cost reduction, and ecological efficiency improvements - these descriptions sound good and can really change people's perception of Ethereum's medium- to long-term prospects. Ultimately, the market is beginning to revisit Ethereum's value potential.

Looking at the macro side, the sentiment of the entire market is picking up. Risky assets began to rebound, and all kinds of funds were slowly buying back crypto assets. Especially after Bitcoin stabilized, funds began to rotate towards Ethereum, and mainstream currencies became the first choice. Behind this is a classic set of market laws at work: Bitcoin stabilizes → funds flow to Ethereum→ Ethereum rises→ and altcoins follow suit. This cycle has appeared too many times in the crypto market.

The technical side also gives a signal. Ethereum has fallen to a stage low before, the bottom is repeatedly fluctuating, breaking through the key pressure level after the moving average is wrapped, and the trading volume has also amplified. When the three forces of fundamentals, emotions, and funds resonate at the same time, "sudden explosion" becomes possible.

But here you have to pour some cold water. Explosion does not mean that a bull market is coming. The more likely scenario is that what we are seeing is a wave of phased rebound, which is a restorative rise in market sentiment, which belongs to the short-term market fluctuations, which does not necessarily mean that the main upward wave is directly opened. Investors need to rationally judge the rhythm and distinguish whether it is a rebound or a reversal, which is crucial to the subsequent direction of operation.