Buoyed by rising development activity and network upgrades, Ethereum climbed to roughly $3,920 even as traders navigated shifting global liquidity conditions. Analysts credited robust DeFi participation, steady gas usage, and ongoing institutional demand for staking services as key price supports. The network’s layer-2 throughput reached new records, improving scalability and efficiency. Market participants expect consolidation before the next upgrade cycle. Broader sentiment remains constructive as developers prepare enhancements aimed at lowering transaction costs and accelerating decentralized application performance across chains.