Determining whether Ethereum will consolidate, continue to pull back, or if the fluctuation is ending ultimately depends on whether the 4-hour MA30 can surpass and repair the previous 4-hour level's guillotine, while further rising above 4650. Then, we need to see if the spot ETF is continuously flowing out.

The monthly buying ratio of Ethereum tokens by the treasury company is twice that of the tokens queued to exit POS staking. The record-high number of queued exits from staking and the continuous withdrawals from CEX indicate the same situation; Ethereum is undergoing a large-scale turnover at this position. #ETH $ETH