In the latest market dynamics, Ethereum (ETH) has shown a significant upward trend. From a technical analysis perspective, ETH has broken through important resistance levels, and various moving averages are in a bullish arrangement, which is typically seen as a strong signal for upward movement.

At the same time, on-chain data is also sending positive signals. The increase in activity indicates that user participation is on the rise, which often creates a virtuous cycle with price increases. More notably, institutional funds are continuously flowing into the ETH market, providing strong financial support for it.

In addition, the recovery of the decentralized finance (DeFi) ecosystem has also contributed to the rise of ETH. As the main infrastructure for DeFi, the value of Ethereum is closely linked to the development of DeFi.

The market has positive expectations for the upcoming Ethereum 2.0 upgrade. This upgrade is expected to significantly enhance network performance and scalability, thereby strengthening Ethereum's long-term competitiveness.

Considering the above factors, ETH may continue to maintain strong upward momentum in the short term. Investors can pay attention to the price level around 3580, which could become a good entry point. If this level is breached, the next target price range may be between 3630 and 3680.

However, investors should also be aware that the cryptocurrency market is highly volatile, and they should carefully assess risks and conduct thorough research before making any investment decisions.