If this rise is not caused by on chain activity, it is more due to institutional fundraising. So, there are two points of concern: Firstly, if ETH continues to rise, similar to BTC, the number of retail investors holding it will decrease, and a large number of chips will enter the hands of institutions or whales. Secondly, it indicates that there is currently no true FOMO in the market, and it is still in a semi push and semi push state. Once FOMO occurs, on chain activity will reach a level similar to the previous cycle, even if it does not far exceed the previous cycle. So, the next period of time is still worth paying attention to, no matter which direction it develops in, it will be one of the most exciting periods this year.