Ethereum's recent popularity is at its peak; after stabilizing at $4600, it is just one step away from the historical high, and the intensity of this market may far exceed expectations. Breaking down the core logic and key signals helps clarify the underlying trends:
Institutional funding is strongly backing this, with signals being more critical than prices.
The core support for ETH's rise comes from institutions: the spot ETF raised a record $1 billion in a single day, accumulating $8.2 billion since the beginning of the year. Although this absolute value is less than Bitcoin ETF's $19.4 billion, it accounts for 1.5% of ETH's total market capitalization, nearly twice that of Bitcoin, showing a clearer institutional tilt towards ETH. Public companies are also increasing their positions: SharpLink invites Ethereum co-founder to take the helm, holding over 360,000 coins; BitMine, Bit Digital, and others have cumulatively increased their holdings, with institutions increasing a total of 25 million coins since June, which is a strategic bet on ETH's long-term value.
The technical outlook is clearly bullish, targeting the historical new high.
ETH started from the support level of $4150, broke through $4600, and stabilized above the 100-hour moving average and key trend line. $4400 has become a short-term watershed; if it does not break, bullish momentum will remain. MACD is expanding in the bullish zone, and RSI remains strong without being overbought. After breaking the resistance of $4650-$4750, the probability of hitting the historical high of $4800 is high, and it may even challenge $5000 this month. However, it should be noted that volatility may increase as it approaches the high, and adjustments could be an opportunity to enter.
New changes in the stablecoin ecosystem hide market ammunition.
The total market capitalization of global stablecoins has exceeded $271.1 billion, setting a new high and providing ample 'ammo' for the market.
On the Ethereum chain, USDC has surpassed USDT to become the number one, with an average daily transfer exceeding $20 billion, becoming the institutional favorite due to its transparent reserves and compliance background.
USDT's focus has shifted to chains like TRON, with the TRC20 version breaking a million weekly transactions, and low fees supporting retail demand.
The newly compliant coin USD1 has just been issued with $23 million in support, which may become a new choice for institutions.
Under the triple favorable factors, the ETH bull market may have just begun. After stabilizing at $4600, breaking the new high is just a matter of time. Do you think ETH can reach $5000? Which stablecoin do you prefer? Feel free to leave comments for discussion, like and follow, and let's track the subsequent market together!
