$ETH Four-Hour Level: MACD Golden Cross, RSI at a neutral 55, price breaks through the key support level of $1720, showing further upward momentum, possibly testing the resistance level of $1820.

• Daily Level: Continuous bullish candles, short-term trend is strong, but attention is needed as 4000 ETH have been transferred out of exchange wallets in the last 24 hours, which may have a potential impact on price.

Fundamentals

• Staking Liquidity: Ethereum staking rate has dropped to 27%, Lido market share is 28.04%, net outflow of staked ETH has slowed after the Shanghai upgrade, and market concerns about selling pressure have diminished.

• Layer 2 Progress: Arbitrum and Optimism TVL have rebounded to $25 billion, Uniswap V4 trading volume has increased, enhancing the demand for ETH as a settlement layer.

• DeFi Activity: Curve Finance TVL has surpassed $5 billion, the proportion of stablecoin trading has increased, and ecosystem activity has shown signs of recovery.

Overall, Ethereum has a certain upward trend from a technical perspective, the fundamentals show good ecosystem recovery, alleviation of staking selling pressure, and the development of Layer 2 and DeFi also brings positive effects. However, the outflow of funds needs to be monitored, as continued large outflows could exert downward pressure on the price.