Ethereum's revenue-price divergence signals an overstretched market, with August revenue hitting a three-month low of $14.13 million despite ETH reaching a $4,900 ATH. While trading volume surged to $1.13 trillion and stablecoin supply hit a record $152 billion, injecting $13 billion in fresh liquidity, network fees remained steady at $39.75 million, indicating weak value capture. Despite fundamental lag, speculative demand could drive ETH toward $6k, though sharp corrections remain a risk.