Ethereum's recent trend appears to be volatile, but in fact, undercurrents are surging. Market sentiment seems complex, but on-chain data and technical analysis tell one story: the bulls are gathering strength.

Interestingly, the actions of major holders are worth analyzing. Many whales are engaging in short-term shorts, even adding positions when floating losses occur, but on-chain address tracking shows that after selling some Ethereum, they still hold large positions. This doesn't look like outright bearishness. It seems more like risk management at high levels, reducing leverage. Short-term arbitrage is one thing, but the actual holding stance is another.

The technical signals are even clearer. The daily MACD has just formed a golden cross, with multiple consecutive days of higher lows, indicating that buying power is gradually accumulating. Even if there is a short-term pullback, sideways consolidation is actually building energy for subsequent rises. The support line of the triangle convergence is moving upward diagonally, and each dip could be a good entry point.

The current core of the market is that the main players are restructuring, not simply experiencing a one-sided decline. I remain optimistic about Ethereum's future performance among mainstream coins.

Bitcoin also has data worth referencing: current price is 2943.07 USDT, approaching support at 2914.63, with the support zone locked between 2888.88-2927.76, and resistance zone between 2938.0-2994.0. When near support, you can place buy orders; if it breaks support, set stop-losses.