Are there any macroeconomic factors or regulatory developments that could counteract the bullish momentum?

Macroeconomic headwinds – The bullish thrust in ETH is largely driven by the recent wave of crypto‑ETF inflows, but a broader macro backdrop could quickly mute the rally. The U.S. Federal Reserve is still in a tightening cycle; higher policy rates keep risk‑appetite low and have historically pressured crypto assets. If upcoming CPI or employment data trigger a “hard landing” narrative, investors may flee to cash and the “risk‑on” sentiment that is currently fueling ETH may evaporate. In addition, global growth concerns – especially a slowdown in Europe’s manufacturing sector and weaker China manufacturing PMI – are keeping investors wary of speculative assets. Keep an eye on the Fed’s dot‑plot and any surprise in US Treasury yields (especially the 2‑year/10‑year spread) for an early warning of a risk‑off pivot that could pull ETH back from its 2021 highs.

Regulatory developments – The crypto sector is still subject to heavy regulatory scrutiny that can swing sentiment abruptly. In the United States, the SEC’s ongoing litigation with major exchanges (e.g., Binance, Coinbase) and its pending decision on a spot‑Ethereum ETF could either legitimize the market or, if denied, trigger a sharp sell‑off. Europe’s MiCA framework is rolling out; tighter AML/KYC requirements and potential restrictions on “high‑risk” tokens could dampen institutional inflows. Meanwhile, China’s renewed crackdown on crypto mining and the recent warning from the Korean Financial Services Commission about “unregulated” crypto products add to the regulatory risk pool. Any negative regulator‑related headlines (e.g., an SEC statement that a spot‑ETF is “not a good idea”) would likely act as a catalyst to reverse the current bullish momentum.

Trading implications – For now, the bullish technical picture (break of the 2021 resistance zone around $2,500‑$2,600 with strong volume) supports short‑term longs, but only with tight risk controls. A practical approach is to set a primary entry near the recent breakout (≈$2,550), a stop‑loss just below the 200‑day moving average (~$2,300) to guard against macro‑driven reversals, and a profit target around the prior all‑time high ($3,000‑$3,200). Simultaneously monitor macro indicators (Fed minutes, CPI, Treasury yields) and regulatory newsfeeds (SEC filings, European regulator releases). If any negative macro or regulatory event materializes, be ready to exit or tighten stops, as the upside can be quickly erased by a sudden risk‑off environment.