#以太坊大户持仓变化 $ETH this round has risen above $3,250, up more than 4% in 24 hours, and there's some insight behind the new high.

The key is that the pressure on staking has finally eased—the validator exit queue has been completely cleared, and the sell-off from holders has significantly decreased. Conversely, there are now over 1.16 million ETH waiting in line to be staked, with institutions alone pouring in 771,000 ETH in a single transaction. This is not just a liquidity relief; fundamentally, long-term funds are quietly locking in their positions.

On-chain data also indicates the issue. The whale long-short ratio has reached 5.71, with long positions' average cost basis at $3,015, currently showing substantial paper profits. This suggests that "smart money" had already completed its布局 before this rally. Plus, recent net inflows into Ethereum spot ETFs have resumed, indicating a combination of improved fundamentals, institutional accumulation, and capital returning—creating a three-pronged bullish case.

Looking at the technicals again: the EMA is in a standard bullish alignment, the MACD is still in a golden cross, and the price has broken through previous resistance after digesting staking pressure. If it can hold above $3,250, the next target range is $3,300 to $3,350. A detail to watch: the average cost basis of the short whale positions is close to the current price. If the price continues upward, it could trigger their short covering, potentially leading to more intense volatility.