In an environment where US-China policies are relatively loose and volatility is under pressure, ETH is in the 'buying zone'. First, Wall Street strengthens the consensus on on-chain and tokenization, with US dollar credit—US Treasury—stablecoins—RWA—ultimately settling on Ethereum and L2, with RWA's TVL on ETH recovering to about 12.4 billion, accounting for 64.5%. Second, Ethereum's Fusaka binds blob fees to L1 base fees through EIP-7918, increasing L2 data costs and burning ETH, with a high burning ratio recently, helping to return to deflation. Third, improvements in technical and financial aspects: leverage cleaning, ETH/BTC maintenance, exchange inventory low by about 10%, combined with US tax cuts and interest rate reductions and China's financial stability measures, may trigger short squeezes and market recovery.
