There's something I've been pondering and would like to hear everyone's thoughts.

At the current price level of Ethereum, let's take a step back. Before the big liquidity influx, the highest point Ethereum reached was around $1400. That was genuinely earned through its own merit. But then what happened? Over the years, it has risen to its current height, and some even talk about the possibility of surpassing $4000+.

Here's the question—what truly propelled Ethereum upward? Was it the progress in its technological ecosystem, or was it the continuous liquidity flowing into the market?

Honestly, this is a bit of a tough pill to swallow. It feels like Ethereum's success over the years has largely ridden on the coattails of the broader environment. The timing, the favorable conditions, and the collective effort all played a part. But without this massive liquidity support, could Ethereum have reached its current heights? It's a bit uncertain.

Let's discuss this logic together.