In its latest market analysis, 10x Research said that the ETH/BTC exchange rate has declined by 37% since the Ethereum merger on September 15, 2022. The exchange rate has repeatedly encountered resistance at the upper boundary of the descending channel and found support near its lower edge. In anticipation of the release of US CPI data this week, we observed a rebound in the exchange rate, possibly driven by short covering. Ethereum developers continue to push forward with scaling solutions, focusing primarily on aggregating transactions to improve efficiency, with the goal of 100,000 transactions per second, while also working to improve user experience and network efficiency. Account abstraction is set to introduce smart contract wallets, making the platform more user-friendly and reducing transaction costs. Additionally, implementing single-slot finality will greatly accelerate block finalization and improve network performance. Previous upgrades, such as Merge and Dencun, had little impact on the price of ETH. Instead, its value remains largely driven by macroeconomic factors such as inflation.