1. Technical analysis of the moving average system: Short-term moving averages (MA5, MA10) are sticking together and intertwined, indicating the near-term trend is unclear. The medium- to long-term moving average (MA30) still remains in a bearish alignment, suggesting the medium- to long-term downtrend has not reversed. Key support and resistance: Support below is at $1,780; if it breaks, it may drop to $1,720. Resistance above is at $1,845; after a breakout, it could target $1,890.


2. Market sentiment and on-chain funding: The on-chain ecosystem is running steadily, with staking data stable. However, DeFi activity remains low, and there is insufficient incremental capital. The market is waiting for approval of an ETH spot ETF; in the short term, there are no clear signals of new capital inflows, and institutional investors are taking a wait-and-see stance.
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