The current issue with Ethereum is not how much resistance is above, but rather that the support below is not stable enough. The $2700 level is currently a rare consensus area for market participants to take positions. If this support fails to hold, the price could easily fall into a vacuum zone with no buyers.

Interestingly, major holders haven't truly exited the market; they've just become more cautious in their strategies. On-chain data shows that the concentration of holdings continues to rise, indicating that organized and strategic funds are quietly accumulating. Looking at a longer cycle, the institutionalization of capital is a definite trend, though there will inevitably be bumps and corrections along the way.

The real critical point is this: if the Ethereum ecosystem cannot generate enough economic activity and token burns, ETH will face inflationary pressure. This requires Ethereum to develop stronger narratives, using consensus to lock in liquidity and support its value.

From the perspective of token structure, there are still many arbitrage positions that haven't been fully absorbed. In this cycle, every upward move is accompanied by large wallets taking profits and exiting. Currently, relying solely on DeFi, NFTs, and spot ETFs to buy seems insufficient to withstand the pressure for a breakout.

So, for ordinary investors, which ETH positions are worth accumulating? When is the best time to buy with the highest cost-performance ratio? These decisions need to be made based on real-time market conditions and your own risk tolerance.