ETH price remains stable around $1,800, with short-term momentum starting to recover. Currently, the price is consolidating between $1,800 and $1,850. If it can stabilize effectively, it is expected to challenge the $2,000 level further, and even target the technical goal of $2,250. However, the medium-term trend remains bearish until it breaks through $2,104.

On-chain data shows a clear divergence in the behavior of large holders. On April 29, a whale address bought nearly 15,000 ETH in a short period, and then quickly sold some of its holdings, indicating that market sentiment is still fluctuating. However, from a longer-term perspective, the number of wallets holding between 1,000 and 10,000 ETH continues to rise, increasing from 5,432 on the 15th to 5,460, setting a new high since August 2023, reflecting that large holders are steadily accumulating.

At the same time, ETH is accelerating its outflow from exchanges. This is partly due to a large number of tokens flowing into long-term holding addresses, and partly due to the continuous inflow of funds into ETH spot ETFs. On May 1 alone, Fidelity's ETH ETF recorded a net inflow of $5.8 million. This not only reflects the bullish expectations of institutional funds but also quietly reduces the selling pressure in the market.

The Changelly platform expects ETH prices to fluctuate between $1,586 and $2,696 in May, with an average price expected around $2,140. Beyond the technical fundamentals, it is worth noting the upcoming Pectra upgrade for Ethereum on May 7. This upgrade will further optimize Layer 2 data processing efficiency, potentially reducing gas fees while increasing network throughput, providing more real value support for ETH.

In summary, although the current Ethereum price is at a relatively low level, the three factors of on-chain behavior, ETF inflows, and network upgrades are gradually constructing a mid-term upward structure. If it can break through key resistance in the short term, ETH may restart a new round of market trends. Whether to choose to lay out at this time depends on your confidence judgment regarding the technical and financial aspects.