Ethereum surged directly to the 3300 level today, and many people started to get excited. However, this rally is not entirely a disorderly rise; behind it are two powerful forces pushing simultaneously.

First is the macroeconomic change. Last night, US CPI data exceeded expectations, showing a significant improvement in inflation control, which directly reduced the necessity for the Federal Reserve to continue aggressive rate hikes. Market expectations for a rate cut in April jumped from 38% to 42%, and liquidity expectations have also warmed up. For risk assets like Ethereum, the expectation of easing is the most direct positive factor.

On the micro level, the performance of capital flows is equally impressive. The US Ethereum spot ETF continues to attract institutional interest, with a single-day net inflow reaching $130 million. Among them, traditional asset management giants like BlackRock and Fidelity contributed $67.7 million in subscriptions. The substantial buying by these large institutions is effectively laying a solid price support for Ethereum.

The resonance between macro rate cut expectations and micro capital flows has driven this rapid rise. Market sentiment is also quickly shifting from cautiousness to a more optimistic attitude.

However, it is also important to note that while the technical breakout is strong, signs of overheating are also worth paying attention to. The sustainability of this rally will require ongoing observation of capital flow trends and macroeconomic data developments.