Ethereum (ETH) has been performing strongly recently, with the current price nearing $4800, just a step away from its ATH. Market analysis shows that multiple factors are driving the continuous rise in ETH prices.

First, on-chain data reflects that institutional investors and large holders are continuously increasing their ETH positions, indicating a long-term optimism for ETH in the market. At the same time, the continuous rise in staking volume has also somewhat reduced the circulating supply in the market, further exacerbating the supply-demand imbalance.

From a technical analysis perspective, ETH currently shows a typical bullish pattern. Multiple moving averages are in a bullish arrangement, and technical indicators such as MACD and RSI also indicate strong upward momentum. These signals suggest that ETH may break through its all-time high in the short term.

Psychological factors are also driving the rise in ETH prices. As the price approaches an all-time high, more retail investors may join the buying spree, and the fear of missing out (FOMO) could trigger a new wave of buying enthusiasm. Once it breaks through the all-time high, this effect may further amplify, pushing prices to rise rapidly.

Considering the current market dynamics, many analysts believe that ETH is likely to break through the $6000 mark in the near future. However, investors should remain cautious, closely monitor market changes, and view price fluctuations rationally.