CryptoQuant: ETH's short-term support range is $3980 to $4020, and the resistance range is $4450 to $4550

CryptoQuant analyst CryptoOnchain pointed out that the leverage ratio of the Ethereum market is close to the historical high (ELR reaches 0.68), among which Binance has a lower leverage ratio (0.52), indicating that other exchanges use higher leverage. In addition, Binance's net inflow is significantly higher than the average level of all exchanges, which may indicate the risk of local selling pressure. Medium-term bullish factors include institutional demand and network growth: the US Ethereum spot ETF has a record daily net inflow of US$726.6 million, and the total holdings have exceeded 5M ETH (about US$20.3 billion); Ark Invest and Fundamental Global purchased 30,755 ETH and allocated US$200 million in Ethereum inventory, respectively, indicating that institutional confidence has increased. At the same time, on-chain transaction volume has reached a new high, staking participation has continued to grow, with clear regulatory support for liquidity staking, and the upcoming upgrade (Pectra