The core logic of ETH breaking previous highs is not 'emotional replication of 2021', but 'ecological value surpassing 2021'. The entrapment of 2021 stemmed from 'narrative overextension', while the support of 2025 is based on 'application landing'—the difference between the two is akin to the internet bubble of 2014 and the tech bull market of US stocks in 2020. Beneath the similar appearance of 'breaking previous highs' lies a completely different value foundation. Short-term fluctuations are inevitable, but in the long term, ETH's previous high ($4800) is more likely to be a 'new starting point' rather than an 'endpoint'.

Veterans who have experienced 21 years of Ethereum know well.

Back then, the market was much stronger than it is now, with the number of retail investors almost double that of today. Institutions were constantly urging to increase their Ethereum holdings, and retail investors rushed to buy in.

Even on the streets, people shouted "Going long on Ethereum is like picking up money," and "Ethereum is going to hit 8000, 10000." What happened in the end? Institutions led the way in selling off, and retail investors flocked to sell, directly trapping countless people at the peak of 4800!
The current market is far worse than in 2021; why should Ethereum break its previous high? Because of Trump? His own coin has dropped by 90%, and didn't he come to the crypto space to harvest profits?
Institutions are no better; what about BlackRock? Aren't they also here to reap profits? Are they really here to help everyone raise prices for liquidity? #ETH突破3600 $ETH