Matrixport: Multiple factors have led to ETH prices demonstrating resilience beyond fundamental expectations.

On July 9, Matrixport announced on social media that recently, Ethereum's price has shown resilience beyond fundamental expectations. Despite the ongoing low on-chain activity measured by Gas fees, the overall network heat has not significantly rebounded, yet the price has not experienced a pullback and instead continues to rise steadily. Matrixport believes that this trend is primarily driven by the following structural factors: First, some institutions have gradually incorporated ETH into their treasury assets, further reinforcing its positioning as "digital gold" in the asset allocation system; second, the issuance of stablecoins on the Ethereum network remains active, continuously injecting Liquidity into the on-chain ecosystem; meanwhile, the advancement of the U.S. "GENIUS Act" has brought medium to long-term favourable information for Ethereum in terms of compliance pathways and institutional participation. Coupled with the historical seasonal strength of July, Ethereum's current price structure is not only driven by market inertia but also reflects a resonance between fundamental support and market expectations. For long position holders, $2,500 should still be regarded as a key technical support level.