According to @CryptoMichNL, ETH at $4,000 was overpriced in 2021, closer to fair value in December 2024, and now trades near $4,000 with stronger tailwinds, implying better risk-reward than prior cycles; source: @CryptoMichNL. He cites a surge in stablecoin supply as incremental crypto market liquidity supporting ETH at this price; source: @CryptoMichNL. He also points to U.S. approvals of spot Ethereum ETFs as a structural catalyst, with the SEC approving 19b-4 filings in May 2024 and S-1 effectiveness in July 2024, though U.S. ETFs launched without staking; source: @CryptoMichNL, U.S. SEC. The reference to ETF staking applications suggests potential yield enhancements if permitted, which could be additive to flows, but U.S. spot ETH funds currently do not stake ETH; source: @CryptoMichNL, U.S. SEC.