#数字资产行情上升 ETH just recently dipped below 3200, with a less than 1% decline over 24 hours. It doesn't seem like a big deal, but this time it's a bit interesting. Combining recent on-chain performance and market signals, it's worth a close look.

What story is the on-chain data telling?
The data has been quite active these days—about 50,000 ETH moved from self-custody wallets to exchanges, with some large platforms seeing particularly noticeable inflows. Usually, this is a sign of potential selling pressure. However, what's interesting is that large holders (veteran players with over 10,000 ETH in their accounts) are quietly doing the opposite, with addresses actively accumulating at lower prices, increasing by 15% week-over-week. In other words, big funds see an opportunity at this price and are building positions.

What’s happening on the macro front?
The Fed has been sending signals that the interest rate cut schedule might be delayed, which has startled the entire risk asset market, and Ethereum naturally weakened along with it. But judging only by this would be too simplistic—Ethereum’s ecosystem activity is actually heating up: L2 transaction volume hit new highs, and staking yields remain stable above 4% annually. Short-term sentiment is just sentiment; the fundamentals are still solid.

My view
Bullish without question. In the short term, it may fluctuate between 3100 and 3300, but the on-chain buy support remains strong. The capacity to absorb buy orders below 3200 is robust. My previous judgment was that a retest of 3200 for ETH was a good entry point—and now that’s confirmed. Hold tight, the target of surpassing 4000 by the end of the year remains unchanged.

How strong is the support?
Honestly, last year’s rally from 1800 to 3500 was well-timed on my part. The analysis logic this time is the same: let the data speak, use facts to deduce, and avoid guesses. The market’s biggest fear is indecisiveness; those who trust the data often reap the final rewards. Stay tuned, I share real on-chain data and market observations every day.