Ethereum is currently facing a massive stake unlocking pressure of 4 billion USD, which may cause the price of $ETH to consolidate between 3900 and 4000.

The number of users has decreased, and even the on-chain activities are quiet. The number of active addresses has dropped from 841,000 on July 30 to nearly 600,000 now, and the growth of new addresses has also declined by 28%. What does this indicate? There are fewer people, and it's not that users have run away, but rather that everyone is currently watching and doesn't want to engage. The market has basically become a cold scene.

Everyone is currently focusing on the speech of the Federal Reserve Chairman: will it hint at further rate cuts? There seemed to be some expectations before, but then the data went off track. Now it's in a "preventive" state: trimming the risks first, to avoid being caught off guard later.

However, an important point is that institutions are still quietly buying, so the bulls still have confidence.

Although it looks a bit panicky in the short term, many experts still hold a bullish outlook for the year-end market, with target prices locked in the range of 6k-8k.