According to Odaily Planet Daily, the price of Ethereum fell 18% between July 1 and July 8, falling to a low of $2,826, and has now rebounded to around $3,070. During this period, $313 million of leveraged long positions were liquidated, and investors' disappointment is understandable. Although the current price of Ethereum is still below the previous support level of $3,400, on-chain and derivative indicators show that traders are gradually regaining confidence. Data from on-chain analyst Leon Waidmann shows that 40% of the ETH supply is locked in pledges and DApps, and the number of ETH on exchanges has dropped from 13.34 million to 12.21 million. The reduction in the number of tokens that can be traded immediately means that investors are less likely to sell in the short term.