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Based on recent Ethereum performance, Wednesday's data was relatively impressive, mainly driven by investors from Grayscale suddenly showing a strong buying signal. However, BlackRock's investors still maintain a selling stance, playing the role of the main selling pressure. Actions by other institutions can basically be ignored.
Looking at the full-year framework of 2025, investors in the US have already net bought over 2.47 million ETH, which is equivalent to about 40% of the current total ETH supply. This scale is quite alarming. Interestingly, most investors are still adopting a wait-and-see attitude, similar to the situation with Bitcoin.
From a technical perspective, if there is a pullback in the range of 3087-3063 below, consider buying on dips. For rebounds, focus on the performance within the target range of 3140-3190 above.