CryptoQuant analysis indicates clear short-term support and resistance for ETH

According to news from Hash World, CryptoQuant analyst CryptoOnchain pointed out that the market leverage ratio of Ethereum is close to historical highs (ELR at 0.68), while Binance's leverage ratio is relatively low (0.52), indicating that other exchanges are using leverage more actively. Meanwhile, Binance's net inflow significantly exceeds the average level across all exchanges, which may suggest a risk of localized selling pressure. Among the medium-term bullish factors are institutional demand and network growth: the daily net inflow of the US Ethereum spot ETF has reached a record of $726.6 million, while total holdings have surpassed 5 million ETH (approximately $20.3 billion); Ark Invest and Fundamental Global have purchased 30,755 ETH respectively and allocated $200 million worth of Ethereum inventory, demonstrating increased institutional confidence. At the same time, on-chain transaction volume has reached a new high, staking participation continues to increase, regulatory support for liquid staking, and upcoming upgrades (Pectra and Fusaka) will further enhance Ethereum's scalability and practicality. In the short term, volatility risk is increasing, with high leverage, resistance testing, and inflows to exchanges potentially leading to sharp downward fluctuations. However, strong institutional inflows, ETF demand, and network upgrades are expected to limit significant pullbacks and support a long-term upward trend. Key price ranges: support range at $3,980 to $4,020, resistance range at $4,450 to $4,550.