Today, Ethereum continues to trade in a consolidation range around $2,350, and the overall trend remains weaker than Bitcoin. On the market, the $2,400 whole-dollar level forms effective resistance, while the $2,250–$2,300 area below provides support. On-exchange funds show signs of intertwined bullish and bearish activity: after the ETF experienced consecutive net outflows in the latter half of April, it turned positive on May 1, recording a net inflow of $101.2 million in a single day. Meanwhile, over the past four days, whales have accumulated more than 140,000 ETH, totaling about $322 million, indicating that large holders have strong confidence in the outlook. On the macro level, several U.S. economic data releases are expected to be announced during this week, which may directly impact crypto risk appetite through changes in interest-rate expectations, and the direction in the short term still awaits confirmation through coordinated market signals.