Ethereum's utility has reached a record high, with the 30-day moving average showing 14.74 million active addresses. Bitwise reports that revenue in the crypto-native industry has now surpassed that of traditional industries. As the stablecoin market cap breaks through $300 billion, whales are actively accumulating supply, and a supply-side tightness is forming. Analysis indicates that the market will bottom out by the end of 2025, echoing the structural recovery at the beginning of 2023. The key resistance level is around the $3,000 support zone. After breaking above the 200-day moving average, the potential target levels are $3,827 and $4,218.