Ethereum (ETH) has been fluctuating around the $2000 mark recently, indicating the market's indecision. Technical analysis shows that although the daily chart still maintains a rise channel, the lack of Trading Volume reflects a generally cautious attitude among investors. Blockchain data analysis indicates a slight decrease in the holdings of large holders, suggesting pressure for profit pullback in the short term.

However, the future trend of Ethereum may depend on two key factors. The first is the approval process of the spot ETH ETF in the United States. If approved, it will open new channels for institutional investors to enter the market, potentially triggering a strong buying wave. Secondly, the upcoming EIP-4844 network upgrade is expected to significantly optimize Layer 2 transaction fees, which may stimulate the activity of the ecosystem and reverse the current downward trend in the total locked value of decentralized finance (DeFi).

In the long run, as the public chain with the richest ecosystem, Ethereum still occupies a core position in the modular development of blockchain. If the ETH price can break through the key resistance level of 2500 dollars, it may open up greater rising space.

However, investors also need to closely monitor global macroeconomic policies, especially the impact of interest rate changes on high volatility assets. In the current complex market environment, the price trend of Ethereum will continue to be influenced by multiple factors, requiring investors to maintain vigilance and flexible strategies.