#Ethereum has been on an incredible tear this year, with its price rallying more than 240% since April and smashing through the $5,000 mark. This surge has pushed $ETH firmly into what many analysts are calling the “belief” stage of the bull cycle, a phase where confidence and momentum begin to feed off each other. What’s even more striking is that on-chain metrics suggest Ethereum is still undervalued at these levels, leaving room for more upside in the near term.

Adding fuel to this optimism are technical patterns that traders love to watch, an expansive bullish megaphone formation and a rounded bottom structure that often signals strength in continuation rallies. Beyond the charts, macro factors are lining up in Ethereum’s favor: anticipated rate cuts, rising ETF inflows, and growing demand from treasuries are all poised to push ETH further into the spotlight.

With momentum, utility, and macro tailwinds aligning, one question lingers, how high do you think ETH can really go in this cycle?