From a large perspective, Ethereum has actually been stuck in a big frame for these years. From 2022 to 2025, it has been fluctuating between 1000 and 4000. The current issue is that the 4000 barrier has not been surpassed, becoming the biggest ceiling for $ETH. If one day it can truly break through 4000 and hold it, the space above will be completely opened up, potentially reaching around 6000.

If this wave of market cannot hold, and there is a chance for a correction on the monthly level later, then the range of 800-1400 will be a comfortable spot for spot layout. Because if so many institutions combined cannot help Ethereum break through the new high in this wave, it will greatly undermine market confidence. If this wave breaks through 4000 and stabilizes, even if there is a significant drop later, it might only fall back to around 2000, and it's unlikely to drop below 1000 again. This is because the narratives of ETH and BTC are gradually becoming consistent, which is that they are part of asset allocation for Wall Street institutions. In the future, even in a bear market, it is unlikely to drop by 80-90% like before.
In the short term, the position at 3750 is quite critical; whether it can break through directly determines if the bulls still have the strength to push upward. Further up, 3850 is an important threshold; if it can get past that, it will be aiming to create a recent new high (targeting above 3941). In the past few days, it was pushed down after reaching around 3735, indicating that the pressure at 3750 is still present, and the bulls have temporarily lost ground. Looking further down, 3520 is a defensive line; if this cannot be held, the short-term trend may need to adjust again.