Background information: The Ethereum market has recently shown volatility, with prices failing to break through key resistance levels and market sentiment clearly divided.

Key events: A long-dormant Ethereum whale has reactivated after 1.2 years, staking 7,182 ETH through Lido Finance, valued at approximately $18.08 million. Despite an unrealized loss of about $4.87 million, the choice to earn income through staking demonstrates confidence in Ethereum's long-term bullish outlook. Meanwhile, whale groups have cumulatively purchased 613,000 ETH within 24 hours, with net inflows remaining positive, indicating that large holders are actively accumulating.

Market divergence: In contrast to the optimism of whales, retail investors are showing a tendency to sell, with an increase in the amount of ETH flowing into exchanges, reflecting concerns among retail investors about the market outlook.

Technical indicators: The Stoch RSI and RVGI indicators indicate that Ethereum is facing strong downward pressure. If the price falls below the key support level of $2,438, it could trigger further declines to the risk of $1,200.

Summary: The current Ethereum market shows a divergence between whales actively staking and buying versus retail investors selling off. In the short term, prices face a critical support test, and investors need to pay attention to market trends.

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