#数字资产市场动态 Can Ethereum in 2026 really bring a big market rally? Recently, on-chain data has been showing some unusual performance—daily active addresses, transaction counts, stablecoin supply, and staking volume all hitting record highs, which is quite rare in a bear market. Gas fees have even returned to 2020 levels. As scaling solutions are gradually being implemented, the network’s vitality seems genuinely strong.

Interestingly, institutional actions are also noteworthy. Although the price has fallen 35% from the previous high, JPMorgan has launched an Ethereum tokenization fund, and ETF weekly inflows have hit a new peak after the crash. Major players like BitMine are also aggressively accumulating tokens. The market’s sensitivity to large capital flows is always sharper than retail investors, and this signal is hard to fake.

On the policy front, the “Clear Bill” has already entered the Senate, which aims to classify Ethereum as a “digital commodity,” bypassing some SEC regulatory frameworks. This could significantly impact the openness of the DeFi and stablecoin ecosystems, and Ethereum’s position in these areas remains solid.

The macro environment also supports this outlook—The Federal Reserve has cut interest rates by 50 basis points, with further cuts expected this year. Treasury yields are declining, and compared to that, Ethereum’s staking yield of 2.5%-3% plus potential price appreciation makes it quite attractive for capital. If 5-10 billion dollars flow into Ethereum, the market can absorb it.

There are also indicator signals in the risk asset sector. The Russell 2000 has recently hit new highs frequently, which usually indicates the market is chasing high-risk assets. Ethereum and such risk indices have historically been positively correlated. If liquidity remains loose in 2026, this correlation might become even more apparent.

A realistic point: Bitcoin has already doubled its previous high, while Ethereum has just surpassed its previous high. From a fundamental perspective, Ethereum’s ecosystem maturity and application density are much stronger than in the last bull cycle. Some industry insiders estimate that in this rally, Ethereum could reach around $5,400 (about a 60% increase). This logic is worth serious consideration.

What are your thoughts on Ethereum’s target price in this cycle? Share your discussion in the comments.