Recently, I have been watching the 4-hour chart of Ethereum, and I happened to see that the staking movements of a major mining company have sparked market discussion. This information is indeed worth clarifying.

The duality of news

According to public data, this mining company holds over 4 million ETH, but only 400,000 are staked, which amounts to approximately $370 million based on annualized returns. This ratio itself is quite interesting—only one-tenth is staked. At first glance, it seems like a "whale layout, long-term bullish" signal, and this understanding is not wrong. Long-term holdings indeed reflect a firm recognition of Ethereum's value, similar to injecting confidence into the asset.

But there is a key point that is easily overlooked: the remaining over 3 million ETH are still held by the entity. In the short-term market, this news could be interpreted differently—shifting from a "positive" to a "positive has been exhausted" signal. The unused portion might instead be seen by the market as potential selling pressure, and during a decline cycle, this expectation could be amplified.

Warning signals on the technical side

From the 4-hour Ethereum chart, the current trend is not optimistic. The price highs are gradually decreasing, and a typical downtrend structure has already formed. Key technical levels to watch include: the 3100-3150 area above forming a clear resistance top, with 3050 being a recent important support that has been broken and now acts as a new resistance point, while below 2970 is a critical bottom line to defend.

Within this time cycle, the short-term positive news is gradually being digested by bearish technical signals. Investors should pay more attention to the actual performance at these key levels rather than the surface meaning of a single piece of news.