Ethereum breaks $3900 in 2025, reaching a new high for the year, just 22% away from its all-time high ($4800). Key driving factors include:
1. Institutional whales increasing their holdings (e.g., BitMine holds 560,000 ETH) and inflows from spot ETFs ($2.18 billion in a single week).
2. Explosion of the stablecoin economy (Ethereum supports over 50% of stablecoin issuance) and expansion of the Layer 2 ecosystem (DeFi loan scale reaches $23.9 billion).
3. Strong technical indicators: breaking through the bullish flag pattern, targeting $4400-6000, but with a short-term RSI in overbought territory (84.74), caution is advised for potential pullback risks.
💡 Summary: Institutions, ETFs, and ecosystem upgrades jointly push ETH to break through, with short-term volatility expected, but a new high anticipated in the medium to long term.