ETH recently surged to around $3100 before facing resistance and pulling back. Currently, it is repeatedly testing the bottom in the $2900-$3000 range. From on-chain data, the situation is indeed worth paying attention to.

At the $2772 level, approximately 4.4 million ETH tokens are accumulated, forming a clear support line. This amount of tokens effectively locks in a significant amount of capital. Moreover, within the broader support zone of $2772-$2950, the total on-chain token holdings have exceeded 10 million ETH, with density gradually increasing.

Interestingly, the 24-hour on-chain turnover is only 180,000 ETH, far below previous levels. This indicates that funds are in a wait-and-see mode, with both bulls and bears awaiting a clear signal to determine the direction. The current range-bound oscillation can be seen as a process of consolidating and building a dense bottom.

From this perspective, the subsequent trend is likely to go one of two extremes: either break through these key support levels to move upward or fall below the support line to accelerate downward. Throughout this process, the overall market sentiment will be a decisive factor. In the short term, paying attention to the effectiveness of this 10 million ETH support zone will be more important.