In mid-2025, the cryptocurrency market is once again boiling, with Ethereum (ETH) launching an assault on the $4000 mark. Looking back at May 2021 when ETH set a historical high of $4891, investors can't help but wonder: does this signal that the peak of Ethereum is approaching, or is it merely the beginning of a new bull run?

The macroeconomic environment provides favorable conditions for the mid-term rise of ETH. The Federal Reserve's interest rate hike cycle is nearing its end, market liquidity is gradually improving, and expectations for interest rate cuts are becoming increasingly strong. These factors create a good investment atmosphere for risk assets, including Ethereum. More notably, with the launch of ETF products and the standardized layout of institutional investors, Ethereum is transitioning from a purely speculative object to a formal asset allocation option. More and more traditional capital is beginning to view ETH as the "fuel of the digital economy," with its network effects and the stickiness of its ecosystem becoming increasingly evident.

From a technical perspective, Ethereum has recently tested the $3900-$4000 range multiple times, showing significant resistance. Each pullback after reaching a high has been accompanied by a notable increase in trading volume, indicating a large amount of profit-taking sell orders in this price range. However, unlike the bull run of 2021, this round of increase is more based on substantial developments within the ecosystem and recognition from institutional capital, rather than being purely driven by retail sentiment. This means that the current market structure is more robust, with stronger fundamental support.

It is worth noting that the future development blueprint of Ethereum still has many highlights to be realized. For example, the large-scale application of Layer 2 scaling solutions, further improvement of the decentralized finance (DeFi) ecosystem, and deep integration in enterprise-level applications. These potential growth points provide a solid foundation for the long-term value of ETH.

Despite the challenges of breaking through the $4000 level, the fundamentals of Ethereum remain strong. With continuous technological innovations and the expansion of application scenarios, ETH is expected to usher in new growth opportunities in the future. While investors pay attention to short-term price fluctuations, they should focus more on the long-term development trends of the Ethereum ecosystem.