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ETH has broken through three levels, and the ride from 4300 to 4600 feels like a crypto roller coaster.
If $4300 is the starting line for ETH, then $4600 is the high-altitude loop it has just soared over. The $4400 in between is completely that kind of inversion point that makes passengers scream—bulls waving in the air while bears grit their teeth below.

This wave of trend has several key supports behind it: First, the on-chain activity of ETH has shown a clear recovery, with developer activity remaining high; Second, the narrative heat of the L2 track has once again made the expansion prospects of ETH sought after by the market; Finally, the dovish remarks from the Federal Reserve have generally benefited risk assets, with ETH naturally being the leader.

What’s even more intriguing is that some veteran investors didn’t dare to act when the price was at 4300 because they "remembered getting trapped at this level last time"; then when it reached 4400, they said, "let's wait for a pullback"; and by the time it hit 4600, they simply closed their trading software and went for a walk—because not looking means not feeling the pain.

However, from a structural perspective, this wave is not a typical emotional bubble, but rather a product of the resonance between liquidity, on-chain fundamentals, and macro expectations. As long as ETH can stabilize above $4600 on the daily chart, the key levels of $4800 or even $5000 are not a fantasy.

However, please stay alert: while roller coasters are thrilling, those who do not buckle their seatbelts (manage risks) often fly higher than ETH—and that's not a good thing.