Ethereum (ETH) recent performance is worth paying attention to. From a technical perspective, the price has been hovering around 2981, with the Bollinger Bands continuously narrowing, which often indicates an imminent directional breakout. Meanwhile, the MACD indicator has been oscillating near the zero line rather than showing a clear directional signal—this buildup of pressure typically leads to more volatile market movements when released.

On-chain data provides additional clues. Recently, the frequency of large ETH transfers has significantly increased, while the ETH holdings on exchanges have been steadily decreasing. This combination of data usually suggests that whales are accumulating rather than engaging in large-scale selling. Such accumulation behavior often indicates market participants' expectations for future price movements.

From a macro perspective, the development of Layer2 solutions within the Ethereum ecosystem has been rapid, and the momentum of related ETF products should not be overlooked. Although these factors may not directly push prices in the short term, they create multiple potential catalysts for the market.

The key levels are summarized as follows:
- 2985-2990 range: If this level can be effectively broken and held, the price may continue upward to above 3050
- 2965-2970 range: Acts as a support level; as long as the price does not fall below this zone, the technical integrity remains intact

It is especially important to note that market trend initiations are often sudden and do not provide ample reaction time. For investors monitoring Ethereum, close attention should be paid to potential breakout levels within the next 24 hours.