#ETH走势分析 In this round of price action, data speaks louder than anything else.

On-chain monitoring shows that whale addresses holding 1k-10k $ETH have accumulated an additional 450,000 tokens within half a month. Such a scale of token transfer is hard to hide. Meanwhile, the number of newly active wallets in a single day has surpassed 190,000—institutions are positioning themselves, and retail investor sentiment is also heating up. With these two forces combining, the market momentum is naturally strong.

Looking back at recent price performance, the 3200 level seems more like a consolidation phase than a final destination. If on-chain holdings continue at this pace, along with improving macro liquidity, testing the 3500-3800 range to the upside is certainly possible. Of course, short-term pullbacks are normal; the key is whether the large holders loosen their grip on tokens.

The market always moves forward amid skepticism. Instead of anxiously watching the K-line, it's better to pay more attention to real on-chain capital flows—the direction is often where the whales are headed.