The power of cycles often determines everything, and ETH is the most intuitive example. In the first half of a bull market, regardless of how the technology, ecology, or application prospects are analyzed, its price remains unchanged because the cycle hasn't arrived. Now in this round, as the rhythm changes, ETH takes off directly, and all sorts of reasons can be attached to it—after all, it is the market cycle that is driving it.

Many newcomers may not have witnessed the scene of ETH soaring 20% in a single day; perhaps this time they can witness it firsthand. The continuous buying by institutions and strategic funds is indeed an important factor pushing prices upward, but no matter how strong the buying pressure is, it doesn't mean the price won't pull back. Historically, large buyers like Grayscale and MicroStrategy have also held their positions without selling, yet they couldn't prevent BTC from falling from 70,000 to 15,000.

Any asset will go through a bubble phase, and when the bubble bursts, it will create panic lows, with the market cycling round after round. So, where do you think the peak of this round of ETH's bubble will be???