Matrixport released today's chart saying that recently, Ethereum prices have shown resilience beyond fundamental expectations. Although the activity on the chain measured by Gas cost continues to be depressed, the overall network heat has not recovered significantly, but the price has not been corrected, but continued to rise steadily. We believe that behind this trend, it is mainly driven by the following structural factors: First, some institutions have successively included ETH into treasury assets, further strengthening their positioning as "digital gold" in the asset allocation system; Second, stable coins are still active on the Ethereum network, continuing to inject liquidity into the chain ecology; 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. Coupled with the seasonal strength that has historically been in July, Ethereum's current price structure is not only driven by market inertia, but also reflects the resonance between fundamental support and market expectations. For long positions,$2,500 should still be considered a key technical support level.