The pullback at the beginning of 2025 was particularly severe, with ETH prices once falling below $1400. Market sentiment was extremely pessimistic, and some holders chose to sell. However, the situation quickly reversed, and ETH rebounded rapidly to above $2000 and held steady for several weeks, followed by bulls driving the price to continue rising.

By the end of July, ETH once again approached the resistance level of $4000, and this time it finally broke through — last night, the price of ETH soared to $4200, setting a new high in three and a half years. This means that in just four months, the price of ETH has risen by 200%.

Currently, it is only about 15% away from the historical high of $4900 set in November 2021 (CoinGecko data). If it can break through, it will open a new market phase in this cycle, similar to altcoins like BNB and XRP.

Driving Forces: Influx of ETF funds + Institutional accumulation

The recent strong rise of ETH is driven by multiple factors. First, ETH ETF investors have been frequently increasing their positions recently, with the capital inflow in July alone exceeding the total of the previous 11 months before the ETF was listed, indicating fervent market enthusiasm for investing in ETH.

Second, several companies have invested billions of dollars into ETH acquisitions, combined with intensive buying by “whales” (large investors), collectively injecting strong momentum into ETH, allowing it to outperform many competitors in the past few months.

Currently, the market is focused on whether ETH can break through the historical high of $4900. Although it is not far from the target, whether it can maintain its momentum and become the focal point of this cycle still requires time to verify. $ETH #以太坊创历史新高倒计时