Many people are discussing that this wave is the explosion period of the Ethereum ecosystem and DeFi. My personal opinion: 1. The recent rise in ETH is not due to fundamental changes brought by upgrades. 2. It is more a price correction from the previous excessive FUD sentiment. 3. A part of it comes from the expectation that ETF staking may pass. 4. The ETH/BTC exchange rate is still at a historical low, ranging from 0.18 to 0.24. Regarding DeFi, blue chips are all rising, but new projects still lack attention, and enthusiasm has not yet arrived.