Current market presents a textbook-like stalemate between bulls and bears. The main basis for the bears is a possible formation of a bearish technical pattern — the Evening Doji Star, which suggests that the previous upward momentum may be weakening. At the same time, the overall market structure remains constrained by a downward trendline, and the recent net outflow of funds from the Ethereum spot ETF indicates that some institutional capital is still retreating.

However, the bulls have shown a remarkable strong signal. On-chain monitoring indicates that a "smart money" whale has simultaneously established an Ethereum leveraged long position worth up to 3.92 billion (approximately 120,000 ETH). This highly confident bet contrasts sharply with the bearish technical signals, highlighting a significant divergence in the market at the current price levels.