Ethereum Decade: Analyzing Its Rise from Seven Dimensions

As Ethereum celebrates its tenth anniversary, its price is just a step away from its all-time high. This article analyzes the current pump dynamics of Ethereum from seven aspects, including institutional allocation, ETF craze, foundation changes, technical indicators, on-chain data, emerging applications, and the technology roadmap.

1. Institutional Accumulation

Recently, the ETH market has seen exceptionally strong buying activity, with multiple listed companies and asset management institutions actively increasing their holdings. Some US-listed companies have incorporated ETH into their financial reserves, with one company holding approximately 438,000 ETH, valued at around $1.09 billion. This indicates that institutional investors are viewing Ethereum as a strategic reserve asset for allocation, and the market's recognition has significantly improved.

2. ETF Effect

Large amounts of off-market funds are flooding into Ethereum ETFs. According to data platform statistics, in late July, nine U.S. spot Ethereum ETFs attracted over $700 million in net inflows in a single day, setting a historical high. In contrast, the enthusiasm for Bitcoin ETFs has somewhat cooled, with some funds shifting from the BTC sector to the ETH sector. In the future, ETH staking yield ETFs are expected to be approved, which will further enhance the investment appeal of ETH.

3. Foundation Changes

The management of the Ethereum Foundation has recently been adjusted, with two new co-executive directors appointed, adopting a dual leadership model. This helps to decentralize decision-making authority, improve management efficiency, and enhance positive interactions with institutions and regulators. In addition, some core team members have begun to actively integrate into the traditional financial ecosystem, promoting the institutional transformation of ETH valuation logic.

4. Technical Indicators Improve

In the past month, the price of Ether has risen by about 60%. From a technical perspective, the ETH/BTC ratio has broken through a key range, and the RSI indicator has reached a low buy zone. Analysts believe that if the RSI continues to rise, the price of Ether may reach the range of 7000 to 10000 dollars.

5. On-chain Data Activity

Multiple indicators on the necklace show that the fundamentals of Ethereum are positive:

• Trading Activity: Daily average trading volume hits a new high in nearly six months
• Fee income: Back to the second place on the public chain
• DeFi locked value: exceeded 85 billion USD, setting a new 3-year high
• Staking scale: Over 36 million ETH, close to 30% of total supply
• Inflation rate: Significantly lower than Bitcoin, has substantially low inflation

6. The Rise of RWA and Stablecoins

Ethereum dominates the RWA and stablecoin market:

• Custody of over 341 types of RWA assets, with a market value of 7 billion USD, accounting for 55%.
• Holding over 54% of stablecoins, with a total amount exceeding 137.7 billion USD.

This gives Ether a broader value support, with the potential to become a global digital dollar settlement network.

7. Advancement of the Technical Roadmap

Ethereum continues its technological iteration:

• The Pectra upgrade was successfully implemented in May, introducing multiple improvements.
• Fusaka upgrade is expected to go live by the end of the year, significantly expanding capacity.
• In the future, we will focus on achieving goals such as full sharding and state accessibility.

Overall, Ethereum is transitioning towards a "new financial infrastructure." The internal fundamentals resonate with the external environment, injecting a continuous rise in momentum for ETH. Although it still faces challenges, the long-term development outlook remains optimistic.