#数字资产市场动态 ETH's recent market movements are interesting—24-hour increase of 0.72%, approaching a key resistance level.

**Technical indicators are quite mixed**. RSI previously showed overbought signals, but the MACD histogram is close to the zero line, indicating that the upward momentum is weakening. However, from the capital perspective, there has been a noticeable influx of funds recently (single transactions reaching around $8.5 million), contrasting with earlier outflows, suggesting that short-term capital flows are still quite volatile.

**The long-term fundamentals are actually quite solid**. Ethereum's recent upgrades (Glamsterdam and Hegota) aim to enhance Layer 1 scalability and implement Verkle trees, essentially addressing state growth issues and improving network efficiency—these are tangible developments that can drive ecosystem growth. Plus, the continued increase in institutional staking and participation by large players indicate a rising long-term confidence in this asset.

**Several noteworthy phenomena**: The staking inflow queue for ETH has recently surpassed the outflow queue for the first time in three months, meaning more funds are being locked up, which naturally reduces selling pressure. On the other hand, a large holder recently dumped over 40,000 ETH, equivalent to $118.5 million in USDC and USDT, which can exert downward pressure.

**Risks are also present**. A well-known institution’s spot ETF has experienced significant net outflows, suggesting institutions might be adjusting their positions. Additionally, ETH’s profitability has fallen below 60% (after failing to hold the $3,000 level), indicating that many holders are already in a loss position.

**What does the community think?** Retail enthusiasm has noticeably cooled, but institutions are quietly accumulating and staking ETH, creating an interesting contrast. Many predict a more pronounced price movement could occur in early 2026. Now, it’s just a matter of waiting for this inflection point.