#数字货币市场洞察 ETH’s current status? In one sentence: It just climbed out of a pit—it's standing, but its legs are still a bit shaky.

The big crash in November scared off a lot of people, but recently, thanks to Fusaka’s technical upgrades, aggressive ETF buying by institutions, and whales quietly accumulating on-chain, Ethereum has managed to stabilize around the $3,150 level.

The most crucial thing in the next week or two is whether it can break through the $3,200 barrier. If it does, $3,400 is within reach; if it falls below $3,050, it might go back to test $3,000 or even lower. Bulls and bears are fiercely battling it out in this range, and both options activity and liquidation risks are concentrated here.

Looking one to three months ahead, Fusaka’s real impact will gradually show up—L2 ecosystems will get more active, ETH burning will accelerate, and a positive cycle could form. On the institutional side, BlackRock is leading consistent buying, and traditional finance giants like Charles Schwab are also entering the market, so there’s solid capital support. If ETH keeps flowing out of exchanges and DeFi TVL stabilizes or rebounds, pushing for the previous high of $4,000 isn’t out of the question.

But don’t get too optimistic. Keep an eye on whether institutions suddenly dump large amounts (though November’s selling has slowed by 80%), whether overcrowded long positions in derivatives could trigger cascading liquidations, and whether broader market volatility might spill over.

Put simply, ETH is like a player competing with an injury—not seriously hurt, recovering well, but to truly return to peak form, it’ll take time and more positive catalysts. For those looking to get in, now is a time to be cautiously optimistic: consider buying on dips, but be prepared for some sideways swings within the range.