#大户持仓动态 Friends who have been paying attention to ETH trends recently have seen this wave of market movement. From a technical perspective, $ETH quickly rebounded after dropping to 2870 yesterday and is currently oscillating around 2950. Looking at the 1-hour MACD indicator, the green bars have significantly shrunk, and the DIF line is gradually approaching the DEA line, which usually indicates weakening bearish momentum and a gradual accumulation of bullish strength.

Delving deeper into on-chain data makes it even more interesting. In November, ETH inflows into long-term holding addresses reached 3.24 million coins, and in December, an additional 1.6 million coins were added—these stable large net inflows suggest that long-term participants are continuously positioning. Even more noteworthy is that the circulating supply of ETH on exchanges has been pushed down to 8.7%, and this extremely low liquidity reflects strong willingness among market participants to hold positions.

From an ecosystem development perspective, there have been several important updates recently: Fusaka's upgrade increased blob capacity by eight times, directly enhancing the network's throughput; at the same time, the news that USDC obtained a Federal Reserve license also strengthens the compliance foundation for on-chain stablecoins. These are medium-term positive signals supported by technical and ecological fundamentals.

The key level at 2900 clearly carries a lot of attention. From a bottom-range perspective, the market is indeed in a consolidation phase, and there is still considerable divergence among participants regarding the future breakout direction. Once the market truly chooses a direction, it could mark the beginning of a wave. The performance over the next few trading days will be crucial, so everyone should manage their risks accordingly.