The current market presents a textbook-like confrontation between bulls and bears. The bears' main basis is a possible forming bearish technical pattern — the evening doji star, which suggests that the previous upward momentum may be weakening. Meanwhile, the overall market structure remains constrained by a downward trend line, and recent net capital outflows from the Ethereum spot ETF indicate that some institutional funds are still withdrawing.

However, there are remarkable strong signals from the bulls. On-chain monitoring shows that a "smart money" whale has established a leveraged long position in Ethereum worth up to $392 million (about 120,000 ETH). This highly confident bet sharply contrasts with the bearish technical signals, highlighting the market's significant disagreement at the current price level.