Let's take a look at the two key data points for $ETH currently.

The realized price of ETH accumulated addresses is continuously rising and is now almost close to the current price. This indicates that it's not being distributed, but rather that the chips are being slowly absorbed, and the underlying trend is ongoing accumulation.
Figure 1
Another stronger support level is around the transaction price. This range can essentially be regarded as the cost zone for whales. Since its appearance until now, it has never been effectively broken downward, and there is always support when approaching this area.
Therefore, even if the price drops further, the meaningful bottom is most likely around 2720, which is about 7% away from the current level. To put it simply, there is still room below, but it is already a defensive zone, and the risk and reward are gradually shifting.
The number of ETH staking queues has reached 2.81 million, not far from 3 million, and the waiting time is 48 days.
There are only 800 ETH waiting to exit staking, which can be received in 20 minutes, almost clearing out the queue!
Figure 2
So, looking at these two key data points, many people are confused: why hasn't ETH price gone up? The reason is simple: ETH is still in the institutional accumulation phase. Institutional accumulation doesn't happen all at once like retail investors; instead, it builds positions gradually, usually over a period of at least six months.