#以太坊行情解读 $ETH's recent performance has been quite eye-catching — the short-term rebound has reached 16%, and the underlying logic is worth examining.

On-chain data reveals an interesting phenomenon: large holders are quietly accumulating, with whale wallets recently hoarding 22 million tokens, while retail investors are actually reducing their holdings. Meanwhile, ETH reserves on exchanges have decreased significantly, by 45%, hitting a nine-year low — such tight supply conditions are indeed rare.

Looking ahead, the Ethereum ecosystem has important upgrades planned for January, which means the story is not over yet. Considering the current supply pressure, capital flow trends, and technical expectations, the logic for ETH to surge to the $4,000 or even $7,000 range is actually valid. This wave of market movement is definitely worth paying attention to.