Matrixport: Ethereum’s current price structure is not only driven by market inertia, but also reflects the resonance between fundamental support and market expectations.

Matrixport released a chart today stating that recently, Ethereum's price has shown resilience beyond fundamental expectations. Despite the continued low on-chain activity measured by gas fees and the network's overall heat not yet significantly rebounding, the price has not pulled back and instead continues to rise steadily. We believe this trend is mainly driven by the following structural factors: First, some institutions are gradually incorporating ETH into their treasury assets, further reinforcing its "digital gold" positioning in asset allocation systems; second, stablecoin issuance on the Ethereum network remains active, continuously injecting liquidity into the on-chain ecosystem; meanwhile, the advancement of the U.S. GENIUS Act brings medium to long-term policy benefits for Ethereum in terms of compliance pathways and institutional participation. Coupled with the seasonal strength of July, Ethereum's current price structure is not just driven by market inertia, but also reflects the resonance of fundamental support and market expectations. For long position holders, $2,500 should still be viewed as a key technical support level.