Recently, Ethereum’s pullbacks have basically all come from ETF re-outflows. The spot premium has never had such a high correlation with price fluctuations… Spot ETFs ended a week of continuous net inflows on the 23rd, and then started continuous outflows. The main reason is still the US-Iran geopolitical situation, of course there are also some other reasons. In short, as long as they keep selling, there’s no rush to call the bottom. This pullback from 1958 has been very clear. It has already completely broken away from the 1900 level and is continuing to range toward 1800. The key support level now is 1850. It briefly undercut it last night, but there hasn’t been much rebound—clearly showing the weakness of the bulls. On the weekend outlook, just stick with the idea of staying bullish on the continuation of this pullback.