Ethereum surged to $3,402 in the past 24 hours, rising straight from a low of $3,100 by over $300, a 6.53% increase. The daily trading volume also exploded to a staggering $1.9 billion. What exactly is behind this rally?

From a macro perspective, pro-cryptocurrency policy expectations have become the biggest catalyst. Market anticipation of strategic reserve plans and related tax reduction policies has heated up, prompting institutional funds to enter en masse. First Bitcoin gained momentum, now it’s Ethereum’s turn. Meanwhile, spot ETFs continue to attract capital, with recent net inflows reaching new highs. The synergy between spot and futures markets has led to a short squeeze exceeding $1 billion, triggering a chain reaction that directly ignited the rally.

Risk appetite sentiment is also warming — US stocks hit new highs, the US dollar index retreated, and the crypto market surged accordingly. As the second most mainstream coin after Bitcoin, Ethereum naturally resonates.

On the technical side, strong signals are also emerging. The price successfully broke above the upper Bollinger Band (3391), fully opening the bullish channel. Trading volume exploded from the bottom, a MACD golden cross formed, indicating strong momentum. The 3350-3370 range now acts as a solid support zone. As long as this level holds, further upward potential remains.

In the short term, the next key zone to watch is 3500-3600. This is not just a rebound but a sign of the larger cycle starting. Do you think it can push towards 4000 again?