#ETH On-chain data is bearish:

Whale outflow: 30-minute/1-hour whale fund flow is negative (-0.17→-0.23), smart money intensity (36-37) is neutral but low.

Panic sentiment: Fear and greed index at 40 (fear), social sentiment (58-60) is neutral but lacks positive catalysts.

Liquidity contraction: Trading volume/7-day average volume ratio at 0.32-0.6 (generally below average), ETF volatility has dropped to 0.68%.