Ethereum has been quite interesting lately. It was stuck in a downturn for a long time, and the flow of ETF funds has been inconsistent, which has tired many people. But now, the situation is changing.

What is the most direct signal? Staking funds. The six-month consecutive outflow has finally stopped, and funds are starting to flow in. This indicates that there are genuine long-term holders willing to lock in ETH, not just those who buy and want to sell quickly. Meanwhile, ETH on exchanges is rapidly shrinking, showing that more and more people prefer self-custody rather than waiting to sell on exchanges. Currently, over 740,000 ETH are queued for staking, while only about 360,000 are looking to exit. This comparison suggests a more optimistic market sentiment.

Looking at on-chain data, the selling pressure has noticeably eased. 90-day spot trading data shows that the enthusiasm for dumping has cooled significantly. Although overall Ethereum ETF net flows are still slightly negative, the network’s real usage is increasing—smart contract deployments have hit new highs, and the on-chain asset value is approaching $19 billion. This is the most convincing indicator.

Another detail that cannot be ignored: big institutions are quietly entering the market. A well-known asset management giant’s related products have been continuously bought, with long positions far exceeding short positions. Some major players are even buying tens of thousands of ETH, showing a strong willingness for long-term holding.

As for the price, Ethereum hasn't experienced a breakout yet, but the $2800 to $2900 range is a solid support zone. Technical signals also indicate that the market is accumulating energy. Honestly, its current strength is moderate, but the fundamentals are very solid. The big market moves in the future will likely follow the overall market trend rather than surge independently.