Ethereum (ETH) has performed strongly since July 5, with a price increase of nearly 25% and an increase of 11.81% in the past seven days. As of now, ETH has a market value of $421.457 billion, a trading volume of $16.935 billion, and liquidity accounts for 17.3% of the crypto market.

Analyst @Leon Waidmann pointed out that about $126 million of ETH has been withdrawn from exchanges recently, showing a trend of accumulation in the market before the upcoming launch of the ETH spot ETF. This outflow of funds indicates that investors are bullish on ETH.

In terms of technical indicators, ETH's TBSR (Taker Buy/Sell Ratio) exceeds 1, indicating that bulls dominate and support the possibility of future price increases. In addition, open interest (OI) continues to increase, showing the activity of the derivatives market.

Liquidation data shows that in the past 24 hours, the number of short liquidations exceeded longs, further reflecting the bullish sentiment of the market.

On the whole, analysts predict that ETH may break through $4,000 in the near future, with the current support level at $2,900 and the resistance levels at $3,600 and $3,750. Technical indicators such as MACD and RSI also show strong upward momentum. Investors should keep an eye on it and operate with caution.