Ethereum (ETH) has shown an impressive rise over the past month, climbing from a starting point of $2,400 to reach a high of $3,940 in mid-July. Currently, the ETH price is stable in the range of $3,750 to $3,800, indicating strong market momentum.

There are several substantial positive factors supporting this wave of rise. First, institutional investors' interest in ETH has significantly increased, with over $5 billion flowing into spot ETH ETFs. Meanwhile, large holders (commonly known as "whales") are also actively increasing their holdings, pushing the ETH position to a historical high. Another phenomenon worth noting is the continuous decline in ETH reserves on exchanges, indicating that market liquidity is tightening.

From the on-chain data, multiple bullish signals are also presented. The Total Value Locked (TVL) in DeFi (Decentralized Finance) continues to rise, reflecting an increased confidence among users in the Ethereum ecosystem. In addition, several momentum indicators are close to breakout areas, suggesting that a larger-scale rise may be imminent.

Although ETH may fluctuate between $3,940 and $3,965 in the short term, analysts generally believe that once it breaks through the $4,000 level, ETH is expected to make a push towards the $5,000 and even $7,000 range. This optimistic expectation reflects the market's confidence in the future development of Ethereum.

With various indicators continuing to improve, the bullish atmosphere in the Ethereum market is becoming increasingly strong. For investors, closely monitoring market trends and rationally assessing risks and opportunities will be key to participating in this potential bull market.