$ETH has recently surged past the $4,000 mark, showing impressive gains across different time frames: +1.4% daily, +8.1% weekly, +10.1% bi-weekly, and +30% monthly.
This rally is partly fueled by $BTC all-time high and positive investor sentiment, boosted by political developments. However, speculative trading is at a high, with Ethereum reserves on derivative exchanges reaching a one-year peak.
While the market sentiment remains bearish due to selling pressure, Ethereum has broken through key resistance levels, suggesting the potential for new all-time highs by year-end, though short-term corrections may follow.
Ethereum's upcoming changes include the Mekong testnet, which introduces Ethereum Improvement Proposals (EIPs) to enhance user experience and staking mechanisms. With 437,486 daily active addresses and a daily transaction volume of 1,288,421, Ethereum's network continues to show solid activity.
Despite a slight decrease in price over the past week, Ethereum's long-term outlook remains promising with the continuous development of its network and ongoing market dynamics. Investors should monitor the balance between bullish technical indicators and the risks posed by speculative activity and market sentiment.