$ETH • Technical Analysis:

◦ Key Support and Resistance: Short-term support is in the range of $1,750-$1,700; if it falls below, it may test $1,650. Resistance is focused on $1,850, and if broken, there is potential to challenge $1,900-$2,000.

◦ On-Chain Signals: Currently, ETH is in an oversold state (MVRV indicator at 0.8), with long-term holders accumulating chips densely in the range of $1,650-$1,850, limiting short-term pullback space.

2. Market Drivers

• Bitcoin Correlation Effect: Bitcoin stabilizing at the $95,000 level has warmed market sentiment, with ETH, as the second-largest cryptocurrency, benefiting in tandem.

• Institutional Capital Inflows: Institutions like Metalpha have recently accumulated 56,000 ETH (about $100 million), showing long-term confidence in the Ethereum ecosystem.

• Layer2 Ecosystem Explosion: The adoption rate of Layer2 solutions like Arbitrum and Optimism has increased, driving the demand for on-chain transactions for ETH, supporting its price.