Why is ETH so expensive?

Could you please explain why the price of Ethereum, or ETH, is so high? I've noticed its value has been consistently rising, and I'm curious about the reasons behind this. Is it due to its technological advancements? Its widespread adoption in the cryptosphere? Or perhaps a combination of factors? I'm also interested in understanding if its high price reflects its underlying value, or if there are other factors at play that might affect its long-term stability. Could you enlighten me on this topic?