Can ETH reach a new high? A comprehensive overview of Ethereum's latest upgrade, ETF capital flows, and mainstream price forecasts

Ethereum (ETH) is not only the second-largest cryptocurrency by market capitalization but also the underlying infrastructure for DeFi, stablecoins, RWA, and tokenized finance.

Entering 2025, as network upgrades continue to advance, spot ETF capital flows fluctuate, and several institutions and KOLs provide new price assessments, ETH’s medium-term trend has once again become a market focus.

This article systematically dissects a core question from technological progress, capital structure, mainstream forecasts, and key judgment logic: Does ETH have a chance to hit a new all-time high again?

Latest Ethereum Developments: Fusaka Upgrade Implemented, Rollup Capacity Expansion Advances

Since 2025, Ethereum has been continuously promoting underlying upgrades centered around “L2 priority + Rollup capacity expansion.” Among these, the most recent focus is the successful activation of the Fusaka upgrade.

This upgrade was smoothly launched during a designated epoch, introducing the PeerDAS mechanism, significantly improving Rollup data throughput, and optimizing multiple underlying protocols to enhance overall network efficiency and user experience. At the same time, this upgrade also leaves room for future increases in Layer 1 gas limits and unlocking mainnet performance.

In the long term, this means Ethereum is not competing with L2 but actively making way for and empowering it, further strengthening its core position as a settlement and security layer.

ETH ETF Capital Flows: A True Thermometer of Institutional Sentiment

Compared to retail sentiment, ETF capital flows better reflect the medium- to long-term attitude of funds.

In early December 2025, during some trading days, ETH spot ETF experienced single-day net inflows of about $140 million, with multiple products showing positive subscriptions simultaneously. Both BlackRock and Fidelity products contributed, with ETF assets accounting for about 5% of ETH’s total market cap.

However, it is important to note that ETF flows are not solely inflows. During certain periods, ETH ETFs also experienced short-term net outflows, reflecting capital rotation and gaming between BTC and ETH.

This indicates that ETF flows are a medium- to long-term structural positive for ETH but can amplify market volatility in the short term.

How Do Mainstream KOLs and Institutions View ETH Price?

Different analysts and institutions have clear differences in their medium- to long-term ETH price outlooks, fundamentally reflecting divergent expectations on capital flows, fundamentals, and macro environment:

Currently, market expectations for ETH prices are clearly divided, with opinions ranging from a few thousand dollars to over ten thousand. Overall, the views can be roughly categorized into two:

One is fundamental-driven logic.

This perspective believes that the continued expansion of DeFi, stablecoin settlement, RWA, and compliant on-chain finance will keep amplifying Ethereum’s network effects. Under this framework, ETH is more like a “digital financial infrastructure asset,” with high valuation stemming from long-term usage potential.

The other is technical and capital flow-driven logic.

This analysis focuses more on ETF capital, on-chain holdings structure, key resistance breakthroughs, emphasizing phase-specific trends and trading opportunities, with target ranges leaning toward medium-short term.

The differences among these forecasts essentially stem from varying judgments on capital rhythm and macro environment.

Can ETH Break Its All-Time High? The Key Lies in These Three Points

From a market structure perspective, ETH needs to meet the following conditions in combination to truly break through its historical high:

First is continued improvement in institutional capital. If ETF net inflows remain stable, it will significantly enhance ETH’s market depth and liquidity structure.

Second is ongoing fulfillment of network fundamentals. If upgrades like Fusaka can continue to reduce interaction costs and promote application growth, they will provide fundamental support for ETH’s valuation.

Third is macro environment cooperation. If global liquidity turns to easing, ETH, as a high Beta asset, tends to perform more resiliently during risk appetite recovery phases.

Of course, risks also exist. Macro uncertainties, short-term risk-off sentiment, and competition from other public chains and L2s can temporarily suppress ETH’s performance.

Summary: ETH Has Potential, But Won’t Rise in a Straight Line

From a long-term perspective, Ethereum’s core position in on-chain finance and tokenization remains unshaken. Network upgrades, structural institutional capital inflows via ETFs, and application layer expansion are all key factors supporting ETH’s long-term value.

However, from a trading perspective, ETH hitting new highs is more likely a process of “phase breakthroughs + pullbacks for confirmation,” rather than a smooth upward curve. ETF capital flows, macro liquidity changes, and market sentiment will determine whether each breakout phase is sustainable.

In one sentence: ETH has the potential to reach new highs again, but the real test is whether capital is willing to stay long-term.

Risk Warning: Cryptocurrency prices are highly volatile and significantly affected by macro environment, policy changes, and market sentiment. This article is for market observation and logical analysis only and does not constitute any investment advice.