The previous high of $eth at 4800 is merely a meme point with no real significance. The actual selling pressure before 2021 has been gradually sold off at the 3500-4000 level since March 2024. The entire $eth market above 4000 is essentially a trapped position, and the historical selling pressure has nearly been exhausted at the 3500-4000 level. Reaching a peak can only happen when buying pressure is exhausted; whether it's the $bmnr just announced 20B USD ATM or the 401K allowing investments, none of these relate to the exhaustion of buying pressure. In terms of supply and demand: abundant buying pressure and essentially exhausted trapped positions. $eth at 4800 is like $btc at 20000 in 2020. Just like I said in 2020: "Once it goes above 12000, there’s nothing above." Here it changes to 4000. Above 4000 for $eth, there’s nothing.