Matrixport released today's chart stating that recently, Ethereum's price has shown resilience beyond fundamental expectations. Although on-chain activity measured by gas fees remains sluggish, the overall network activity has not seen a significant rebound, yet the price has not retraced and instead continues to rise steadily. We believe that this trend is mainly driven by several structural factors:
Firstly, some institutions have gradually included ETH in their treasury assets, further reinforcing its position as 'digital gold' within the asset allocation system; secondly, the issuance of stablecoins on the Ethereum network remains active, continuously injecting liquidity into the on-chain ecosystem; meanwhile, the advancement of the U.S. (GENIUS Act) brings medium to long-term policy benefits for Ethereum in terms of compliance pathways and institutional participation.
Overlaying the seasonal strength observed in July, Ethereum's current price structure is driven not only by market inertia but also reflects the resonance between fundamental support and market expectations. For long position holders, $2,500 should still be regarded as a key technical support level.

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