The power of cycles often determines everything, and ETH is the most intuitive example. In the first half of a bull market, no matter how you analyze it from a technical, ecological, or application perspective, its price remains stagnant because the cycle hasn't arrived. When this round came, the rhythm changed, and ETH took off directly, with all sorts of reasons being able to fit—ultimately, it's the market cycle driving it.

Many newcomers may not have witnessed a single-day surge of 20% in ETH, but this time they might witness it firsthand. The continuous buying from institutions and strategic funds is indeed an important factor driving the price upward, but no matter how strong the buying pressure, it doesn’t mean the price won’t retreat. Historically, large buyers like Grayscale and MicroStrategy have also held without selling, yet that didn't stop BTC from dropping from 70,000 to 15,000.

Any asset will go through a bubble phase, and when the bubble bursts, it will create panic selling at low prices, with the market cycling round after round. So, where do you think the peak of this round's ETH bubble will be???