The significant increase in Ethereum ETH this time has prompted many people to question whether it is related to the recent Pectra upgrade? The answer may not be. The Pectra upgrade is more like the "finishing work" of the Cancun upgrade, mainly consisting of some underlying optimizations and detailed improvements, rather than breakthrough technological innovations. From a technical perspective, the four EIPs included in the Pectra upgrade all point in the same direction: to make Ethereum run more stably and efficiently. Standardizing the expiration status of EIP-7044, redefining fuel restrictions for EIP-7524, optimizing the trading pipeline for EIP-7697, and adjusting and improving the difficulty of EIP-6789- these are typical "patching" upgrades that address some of the edge issues left by the Cancun upgrade. The logic that truly determines the price trend of Ethereum this time is actually the "value repair" after excessive FUD. In the past few months, Ethereum has indeed experienced a round of "concentrated firepower" questioning: the liquidity dispersion of Layer2 has been amplified into ecological fragmentation, the performance comparison with Solana has been interpreted as a failure of the technical roadmap, and the expansion of many Layer2 ecological applications has not been as expected, Restaking、 Modularization, zk and other technological narrative stacking cannot capture value, etc; When all the focus is on the issues of Ethereum, people overlook some key facts: the total locked value of DeFi remains stable at 119B, the Cancun upgrade has indeed significantly reduced layer 2 costs, ETF fund inflows continue to increase, and new narratives such as RWA and PayFi are mainly developing in the Ethereum ecosystem. The fundamentals of Ethereum are not as bad as market sentiment reflects. And institutional investors clearly see through this emotional imbalance. The most typical example is Abraxas Capital's massive purchase of 242652 ETH (approximately 561 million). Moreover, during the period of May 9-14, there was a significant increase in large ETH transfers (>1M), and the ETH balance of institutional level wallet addresses also increased significantly, indicating a planned large-scale establishment of institutional positions. So, if we have to find a logic for this round of Ethereum's rise: Ethereum has been overdone by FUD and needs to rediscover its existing value, while institutions took the opportunity to buy at the bottom first?