Ethereum's recent breakout is quite strong—over 4% gain in 24 hours, directly surpassing $3,250. But the real highlight isn't the price itself, but what's behind it.

The staking queue has been completely cleared. What does this mean? Selling pressure has disappeared. At the same time, 1.16 million ETH are queued for staking, with a single institution investing 770,000 ETH—such a scale of funds is usually locked for the long term.

On-chain data further illustrates the point. The whale long-short ratio has reached 5.71, with the average long position cost around $3,015, now already in profit. In other words, the "smart money" has long set up the game; this rally is now their profit-taking phase. Plus, Ethereum spot ETFs are resuming inflows, with fundamentals, institutional accumulation, and capital reflows converging.

From a candlestick perspective, EMA bullish alignment and MACD golden cross are still ongoing. After the staking pressure was relieved, the price broke through resistance zones. If it can hold above $3,250, the next target range is $3,300–$3,350. Be cautious of the whale shorts—those with positions close to the current price. If the price continues upward, it could trigger short covering, which would increase volatility.