Short-term consolidation is a fallacy; 3400 is the structural support bottom. ETH has recently continuously retraced to 3400 and has fallen into a low volatility horizontal range. However, this does not equate to weakness. The number of on-chain whales increasing their holdings has reached a six-month high, indicating that structural funds are absorbing the outflow of chips. At the same time, the order depth for ETH-USDT is biased towards the buy side, and the potential support strength in the market is increasing. This type of silent chip concentration period often lacks clear technical signals but is most likely to breed trend reversals. Historical trends have repeatedly proven: before the main upward wave, prices often use 'numb consolidation' as a cover. If you are waiting for confirmation signals, it is often too late. #以太坊ETF