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Ethereum completed a "V-shaped reversal" during the day, with macro favourable information and technical breakthroughs resonating to drive the price to a three-year high. In the short term, focus on the effectiveness of the $4,400 support and the impact of CPI/PPI data. In the medium term, with institutional accumulation and ETF fund driving, the upward trend is clear, but one must guard against the risk of rapid pullbacks under high fluctuations.