Ethereum has rallied to levels not seen in several weeks, supported by rising stablecoin supply, consistent net inflows into Ethereum ETFs and trading volume above its 30-day average. Growth in USDT and USDC supply suggests greater liquidity and potentially more purchasing power for crypto assets, while ETF inflows provide a regulated channel for institutional capital. The move appears broad-based, with support from both spot buying and derivatives activity. Analysts caution that the rally could remain volatile because markets are sensitive to interest-rate expectations and regulatory developments. Its durability will depend on whether stablecoin and ETF inflows continue and broader sentiment stays positive.