$ETH has moved from 2424 to 2485 this round. It only looks like a 1.78% gain, but there’s something hidden here. I noticed a signal: the 24-hour trading volume is 7.4B. That amount isn’t huge for ETH, yet the price is holding steadily at 2479—what does that imply? It suggests sell pressure is extremely light. The big players aren’t distributing at this level. Those little chips held by retail traders have already been shaken out. First observation: in the order book between 2470 and 2475 there’s a wall. It’s not some flimsy, thin wall—there are real buy orders piled up. Every time the price approaches this range, it gets eaten immediately, and then new bids are quickly replenished. This isn’t something retail traders would do. This is someone accumulating at a fixed price without wanting the price to drop too deeply. The high at 2485 also isn’t a random touch—it’s a test, checking how many sell orders are sitting in wait between 2470 and 2500. Second observation: the capital flow looks off. ETH’s net inflow over the past 24 hours is mainly concentrated in large transfers. I’ve been watching several whale addresses on-chain, and over the last two days they’ve withdrawn a lot of ETH from exchanges, sending it to cold wallets or DeFi protocols. This isn’t short-term trading—it looks like positioning for a longer run. Meanwhile, the ETH balance on exchanges is declining, meaning available supply to sell is shrinking. Third observation: the derivatives market. The funding rate is still positive, but not very high—so longs don’t look overly crowded. Open interest is rising moderately, and it lines up with a small uptick in price. That’s a healthy buildup rhythm, not a squeeze-style violent pump. The whales are building on both the futures and spot sides: spot accumulation, futures locking in, waiting for a catalyst. In the U.S., Goldman Sachs is questioning the bull-market logic of the S&P 500, and ETF funds are also in a wait-and-see mode. This kind of macro uncertainty is actually favorable for crypto, because some hedging capital may rotate over. At ETH’s current level, 2424 is the short-term iron bottom, and 2479 is the core range. Once there’s a breakout with volume above 2500, the next target is directly 2650. Don’t let the 1.78% trick you—that’s calm before the storm. Just watch: ETH won’t stay in this range for long. What do you think?