#数字资产动态追踪 The market has been sideways for so long, it's definitely time to think about something. The recent thirty-minute trend of $ETH is a classic example of "stuck at the threshold, unable to go in or back out"—in other words, no clear direction.

**How to interpret the technicals?**

MA5 and MA10 are firmly pressing down on the price, with MA30 providing support below. Trading volume has shrunk significantly, now only 37,300, compared to the average (MA5 at 69,300 and MA10 at 104,100), effectively halved. The mismatch between volume and price indicates market hesitation. The MACD fast line has crossed below the slow line, and the histogram has turned green, showing that the short-term upward momentum has clearly weakened, but the green bars are not long, suggesting that the bears are not very enthusiastic either.

**What do on-chain data reveal?**

Since the Fusaka upgrade in early December, there have been 292,000 new addresses daily, a 110% year-over-year increase, indicating that network activity is recovering. Interestingly, the whale that previously bought 31,000 ETH at high levels in November recently sold off, losing $18 million, and has now moved funds into stablecoins and tokenized gold. At the same time, on-chain data also shows that some funds are gradually accumulating at key levels, indicating some confidence in the support below.

Calmness is often a prelude to a storm. Will this time break through decisively, or will it revisit support levels for validation? The linkage between $BTC and $SOL also needs to be watched.