Breaking! Ethereum skyrocketed to over $3200 in one night, with three major catalysts igniting the crypto frenzy!

Ethereum has surged to over $3200, driven by three main factors. First, there are expectations for a rate cut from the Federal Reserve, as the market believes there is a high probability of a 25 basis point cut at the December 10 meeting. This has led to a decline in the dollar index, prompting funds to pre-position in risk assets, benefiting cryptocurrencies like Ethereum.

Secondly, the Fusaka upgrade, activated on December 4, has reduced Layer 2 transaction fees and supported account abstraction features, improving network efficiency. Relevant data shows strong performance, with the ETH/BTC exchange rate rising and certain on-chain settlement and transaction volumes reaching new highs.

Furthermore, institutional funds are flowing back in, with significant net inflows to global cryptocurrency ETFs in a single day. On-chain data also indicates a decrease in exchange-held ETH, with whales increasing long positions.

From a market structure perspective, Ethereum's recent rise has been stronger than Bitcoin's, which is related to improvements in fundamentals. The volume of open interest in futures contracts has increased, with large holders accumulating without selling, reducing circulating supply. On the technical side, after breaking key resistance levels, new resistance and support zones have emerged, making the trend clearer.

Altcoins may see a rebound due to Ethereum's breakout. Historical patterns show that altcoins perform well during Ethereum's strong period, and some altcoin sectors are already showing signs of a rise.

However, there are risks in the market. The total open interest has surged, and funding rates are high, meaning price corrections could trigger long liquidations; regulatory instability exists, with the U.S. tightening legislation on stablecoins and unclear tax reporting rules; technically, a top divergence has appeared in the 4-hour MACD, possibly weakening upward momentum.

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