#数字货币市场洞察 In the past few days, ETH finally couldn’t hold back anymore.

After several days of sideways consolidation, Ethereum’s price suddenly surged with volume, breaking through key resistance levels in one go. What’s even more interesting is what’s happening on-chain—over the past two days, those long-dormant whale wallets suddenly came back to life. Large transactions spiked, and multiple dormant addresses were reactivated. What do these old wallets’ movements usually mean? Institutions are rebuilding positions, and early capital is adjusting strategies.

Meanwhile, ETH continues to flow out of exchanges. Selling pressure has clearly eased, and funds are quietly positioning themselves. Historically, this combination has usually signaled something—those who know, know.

Now, let’s look at staking. The total amount of ETH staked is once again approaching its all-time high, and after protocol updates, the annualized yield is steadily climbing. More importantly, a new wave of LSD protocols and restaking solutions are accelerating the competition, making the entire sector heat up again. The more ETH is locked in staking, the less spot supply is circulating in the market—this supply-side contraction effect provides real, solid support for the price.

Layer 2 isn’t idle either. Daily active user data for Arbitrum, Optimism, Base, and other Layer 2 networks have all surged, and their share of gas consumption has risen sharply. What does this indicate? Application-layer demand is truly coming back. Today, several major gaming and social projects also officially announced their migration to the Ethereum Layer 2 ecosystem, further expanding the user base. With technical scaling and application explosions both powering forward, the market’s long-term valuation expectations for ETH are being reshaped.

On social media, discussions about “whether ETH can reach new highs” are off the charts. Many analysts point out that the current technical setup is very similar to the mid-stage of the last bull market: volatility range narrowing, net capital inflows, and rapidly strengthening fundamentals. If this rally continues, next week could be the key window, with more sidelined capital ready to enter at any moment.

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