Ethereum has been repeatedly testing around the 2940 price level recently, and the market characteristics are worth paying attention to. From a technical perspective, the hourly chart shows the Bollinger Bands in a narrowing state, the MACD indicator is hovering near the zero line, and the histogram reflects a shrinking volume feature. Such performance usually indicates a consolidation phase.

The on-chain data reactions are even more interesting. Large wallet addresses are quietly increasing their positions, while at the same time, ETH outflows from exchanges are rising—this combination of data often suggests that institutions or big players are not panicking and are instead accumulating on dips. On the news front, expectations regarding ETFs are still being developed, and ecosystem upgrades are also continuing to advance.

From a mid-term perspective, this kind of adjustment is a normal market behavior. After each trend formation, oscillation and shakeouts are common rhythms. Patience in waiting and restraint in trading often yield more profit than frequent trading. As long as the fundamental logic remains intact, short-term fluctuations should not alter the long-term judgment.