Ethereum's recent trend has indeed been stuck in a frustrating position. The price has been oscillating below $1,750 for three weeks and simply can't break through. According to mainstream monitoring data, trading volume in this range has been decreasing, and the market feels like it's waiting for a signal to be released.

The core issue is this: once ETH effectively breaks above the $1,750 to $1,780 range, the MACD may form a golden cross. At that point, follow-up funds will quickly add positions, and the market could enter an upward trend. Conversely, if it falls below the $1,650 support level, the downside space will open up. On-chain data does reveal something—large transfers have increased by 14% over the past seven days, indicating that institutions are adjusting their positions. What are they waiting for?

However, risks must also be clearly seen. The Federal Reserve FOMC meeting is approaching, and if policy stance shifts, it could disrupt all plans. The recent performance of Ethereum ecosystem tokens has been mediocre, and the overall sector's correlation has weakened, which is a hidden risk. The most painful part is that this narrow sideways consolidation has lasted too long, and the possibility of technical signals failing is increasing.

In this critical window, do you think the bulls or the bears will take the initiative? The market's answer might be in the next candlestick.