#密码资产动态追踪 Ethereum's recent performance has been interesting—price hovering around $3,080, but the story behind it is much more complex than the candlestick chart suggests.

**Technical Developments Are Quietly Gaining Momentum**

Vitalik recently emphasized that ZKEVM and PeerDAS are fundamentally transforming Ethereum's capabilities. This is not just hype; it’s actively addressing the balance between scalability and decentralization—enabling the network to handle higher data loads while maintaining sufficient decentralization. This is the true source of long-term competitiveness.

**Institutional Contradictions**

There's an intriguing contrast: on one side, publicly listed companies like Bitmine are aggressively accumulating ETH and plan to establish large validator networks in the US by early 2026; on the other side, Coinbase clients are selling $84.7 million worth of Ethereum, and a whale has transferred 40,251 ETH to exchanges (worth about $124 million). The staking queue has surged to 1.759 million ETH (a high since August 2023), but at the same time, ETFs have net outflows of $68.6 million this week.

**Technical Indicators Are Warning "Be Cautious"**

Prices have broken below the 7-day, 25-day, and 99-day moving averages, and the MACD has turned bearish. During such times, short-term selling pressure is indeed present, and major cryptocurrencies like $BTC, $ETH, and $BNB are facing similar stress tests.

Community opinions are divided—some are excited about institutional entry and the growth of staking pools, while others worry about whale dumps and continuous fund outflows. This uncertainty actually reflects the market searching for a new equilibrium.