July 27, 2025

Ethereum continues to slowly push upward, briefly breaking above $3800 during the afternoon session. Strictly speaking, it has been 7 months since Ethereum last reached $3800, and after more than half a year, it has touched this high point again. Whether it can break through this resistance level will be key to Ethereum's trend going forward. From an environmental perspective, compared to the last time, both the US stock market and Bitcoin prices are higher, which indicates a better macro environment. However, Ethereum itself, especially its on-chain activity, has not changed much compared to the previous round. There are no speculative segments or explosive hotspots, but trading volume has temporarily surpassed that of Bitcoin.
Compared to the previous market cycle, the driving forces behind this round of price increases have undergone profound changes. If the previous round of Ethereum's rise was driven by consensus within the crypto community, this time it is more about institutional buying. Data shows that Bitmine holds over 560,000 ETH, leading Sharplink by 200,000 coins, currently occupying the first position in the "Ethereum version of MicroStrategy." From the perspective of Ethereum's holding value, the title of "Ethereum version of MicroStrategy" has not yet been claimed, and Sharklink will surely strive to catch up. Whoever ultimately secures this title will see their stock price soar, creating competition among several large companies, which will directly drive up the price of Ethereum.
Perhaps some people wonder whether this rush to buy is just a flash in the pan, after all, the ultimate price-driving factor for Ethereum is still the explosion of its ecosystem. In the past, various institutions followed in the footsteps of MicroStrategy with Bitcoin, and even the U.S. government and other governments started to intervene.