Ethereum briefly climbed above $3,900 on 28 July, reaching $3,901.69 and marking its strongest level since December 2024. The move left the token up about 3.3% on the day and fueled talk of a renewed rally in alternative cryptocurrencies. The momentum quickly faded. By the evening of 1 August, the second-largest digital asset had fallen under $3,500, erasing roughly 10% from the late-July peak. Bybit data early on 2 August put the price at $3,518.86, down nearly 6% over the previous 24 hours and implying a market capitalization of about $425 billion. Traders attributed the sharp reversal to profit-taking after the multi-month high and to broader risk aversion across crypto markets. While technical analysts still note higher lows since the start of the year, the latest pullback underscores the volatility that continues to define the sector.