#数字资产市场动态 Ethereum experienced a pullback in the last 24 hours, but the fundamentals are not weak at all. Upon closer inspection, the underlying strength is still solid.

Let's start with some positive signals. Staking is very hot right now, with Ethereum staking volume reaching a new all-time high—30% of circulating supply, or 36 million ETH, is locked up. Investors are really optimistic—market liquidity has actually decreased. Additionally, institutions are not idle; various asset management firms are increasing their Ethereum positions, some whales are swapping Bitcoin for Ethereum, and even banks in Belgium have launched Ethereum trading services. On the technical side, the MACD has shown a bullish crossover, with the MACD line just crossing above the signal line, indicating a potential short-term rebound.

But don't get too optimistic. The 7-period EMA is still below the 25-period EMA, indicating that downward pressure in the short term still exists. More notably, a whale used 25x leverage to open a short position worth $65.6 million in Ethereum, with a liquidation price at $3,362. If triggered, this could become a resistance level during a rebound. Also, in the past 24 hours, there was a slight outflow of $3.2 million, suggesting market sentiment remains cautious.

Community sentiment is mostly bullish, mainly because of these factors—record staking volume, institutional entry, network activity, and declining transaction fees. However, for a real rally to happen, it still depends on whether these short-term defenses can be broken through.