On August 1st, Deribit pointed out in a report that Ethereum's solid support level of $2,860 indicates that it will rise to $4,500. Deribit said that the support level of $2,860 has been tested several times since July 5th, and now all eyes are on Ethereum. The strong support in July indicates strong buyer demand, which could lay the foundation for a high of $4,500. Deribit stressed that the "green light" from the regulatory authorities after the launch of the Ethereum ETF is expected to drive institutional attention and investment in Ethereum.