The overall trend of ETH on the order book remains weaker compared to BTC. Yesterday's second attempt to break its previous high was rejected, pushing the price back to the support level of 3183. Currently, ETH is hovering around 3200, fluctuating above and below the 14-day moving average on the four-hour chart. The triangle's activity area is gradually narrowing, reflecting a lack of decisive momentum from either bulls or bears. The MACD has completed a conversion, signaling short-term fluctuations within a narrow range. While the downward movement has paused, the rebound remains weak, with signs of retracement. On the daily candlestick chart, ETH appears range-bound, with price fluctuations limited to less than 100 points. Consecutive declines from recent highs point to a high-level oscillation trend.

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Despite recent declines, smart money is aggressively accumulating ETH. Data indicates a surge in the accumulation rate, as investors view the current pullback as a prime "golden buying opportunity." Additionally, the high leverage ratio in the futures market underscores the extremely bullish sentiment.

Adding to the bullish case, ETH's exchange liquidity is sharply declining, with the stock-to-flow ratio spiking to 67.57, signaling extreme scarcity. This suggests that long-term holders are positioning themselves for the next major move.

As the consolidation phase progresses, the market is preparing for a potential breakout. ETH is likely to escape its oscillating range of $3000-$3500 and target higher levels. These market dynamics point toward an imminent surge, as the HODL army gathers strength for the next significant rally.

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