I noticed several unusual on-chain activities while monitoring the market today: BitMine added 42,000 ETH to its holdings, BlackRock bought nearly $70 million worth in a single day, and, even more surprising, a whale address that had been dormant for two years suddenly became active and withdrew 1,320 ETH.

Nearly $200 million flowed in within a single day—this scale is clearly beyond the reach of retail investors. The continued accumulation by traditional financial institutions indicates that they have their own outlook on future market trends. However, it's important to remember that after large funds establish positions, they often initiate a round of shakeouts to flush out weak hands before driving the price up.

From a technical perspective, ETH is currently fluctuating around 3,176. Looking upward, 3,230 is a significant resistance level; once broken, the space opens up to 3,370, and for the more aggressive, the previous high area of 3,550-3,658 becomes the next target. The MACD has formed a golden cross above the zero axis, indicating short-term bullish dominance.

However, one level must be closely watched—2,971. As long as this line holds, any pullback remains within a controllable range and can even be considered a buying opportunity. If it is breached, be prepared to look for support in the 2,850-2,700 range. For now, it's highly likely ETH will oscillate between 3,050 and 3,239; this is when emotions can most easily lead to reckless trading.

Institutions are moving, the data is speaking, but the market never moves in a straight line. Identify the key levels clearly and don’t let short-term volatility disrupt your rhythm.