Odaily News Matrixport released today's chart, saying that recently, Ethereum prices have shown resilience beyond fundamental expectations. Although the on-chain activity measured by Gas fees continues to be sluggish and the overall popularity of the network has not yet recovered significantly, the price has not rebounded, but has continued to rise steadily. We believe that this trend is mainly driven by the following structural factors: First, some institutions have gradually included ETH in their treasury assets, further strengthening its "digital gold" positioning in the asset allocation system; second, the issuance of stablecoins on the Ethereum network remains active, continuing to inject liquidity into the on-chain ecosystem; at the same time, the advancement of the US GENIUS Act has brought medium- and long-term policy benefits to Ethereum in terms of compliance paths and institutional participation. Combined with the seasonal strength of July, Ethereum's current price structure is not only driven by market inertia, but also reflects the resonance of fundamental support and market expectations. For long positions, $2,500 should still be regarded as a key technical support level.