Ethereum is currently oscillating between $2900 and $2968, appearing calm and steady, but seasoned players in the space have already sensed a different flavor—three hidden signals are brewing for change.

First, let's look at the surface. The price is holding around 2900, with trading volume lukewarm, as if the market is waiting for a signal light to turn on. The monthly chart shows a "bullish doji star," which is quite interesting in itself—bulls and bears are evenly matched, and once large funds step on the gas, the direction can change instantly. Imagine a significant volume breakout; the technical outlook could flip entirely.

But the real story isn't just about the price; it's about Ethereum's own growth. The upgrades with Pectra and Fusaka completed in 2025 have accelerated network speed and reduced transaction fees—these are tangible improvements. Even more impressive are the institutional moves—various ETFs have locked in over 10.7% of the circulating supply, creating a formidable support force.

In terms of ecosystem, Ethereum dominates. About 58% of DeFi funds and over 65% of RWA assets are on this chain—this isn't a joke; the financial foundation is so deep that no one can shake it.

Looking ahead to next year, the Glamsterdam upgrade is expected to go live in mid-2026, pushing Ethereum's throughput to a new level. Meanwhile, a new protocol framework could position Ethereum as the settlement layer for the AI economy, meaning every AI-related transaction might settle on this chain. Additionally, the entry of Wall Street assets will become more convenient, further integrating traditional finance with on-chain activities.

From an operational perspective, keep an eye on whether it can break through the key zone of $3000 to $3200. A volume breakout here would immediately open up space. Looking at a longer cycle, sustained institutional inflows combined with technological upgrades could trigger a new independent rally, one that doesn't rely on the broader market.

In essence, Ethereum is like a tightly compressed spring—its fundamentals are quietly improving, but the price is still in hibernation. Once a rebound occurs, with liquidity improving and network upgrades in place, ending this consolidation phase may not be far off.