Today, ETH's current price fell back to $1,732.90, down 4.5% for the day, with volatility ranging between $1,703.96 and $1,779.71. From a macro perspective, statements from Federal Reserve officials continue to suppress the valuation recovery of risk assets. As reported, "Federal Reserve official Goolsbee stated: In my personal judgment, it is necessary to focus on whether this round of inflation has persistent characteristics," indicating that the high-interest-rate environment may last longer than market expectations. For a foundational network like Ethereum, short-term price fluctuations are not the core concern; I am more focused on whether its long-term ecosystem moat remains solid. Recently, the strategic plan titled "Ethereum Foundation’s strategy chief lays out plan to kill MEV and make privacy a protocol default" reflects the protocol layer's deeper efforts in governance and privacy protection. Against the backdrop of tightening macro liquidity, evaluating such network assets should return to the upgrade guidance of the underlying protocol and the stickiness of the developer ecosystem, rather than short-term capital game dynamics.