Recently, Ethereum market sentiment is cautious and bearish. Driven by geopolitical conflicts and a broad decline in global risk assets, ETH is down by about 3% over the past 24 hours, trading at $2,289. Across the entire network, leveraged funds have been concentrated and liquidated, with short-term bears holding an advantage.

On the institutional front, the long-term accumulation trend is clear. BlackRock holds more than 3 million ETH (about $6 billion) via an ETH ETF. Bitmine increased its holdings by 71.5k ETH in a single week, bringing its total holdings to 4.87 million ETH—accounting for 4.04% of circulating supply—with more than 3.33 million ETH currently in staking. The Beacon Chain staking contract locks 82 million ETH, or about 66% of the total supply; long-term lock-ups support tightening the circulating supply.

In terms of support and forecasts, the short-term strong support zone is between $2,000 and $2,100. If it breaks, the outlook points to the key level of $1,800; if it is effectively held, it may see range-bound consolidation and recovery, with resistance at $2,400–$2,500. In the medium term, on-chain economic expansion and institutional allocation demand are still present; if the macro environment improves, summer may test the $3,000 threshold.

Overall, in the short term, volatility is driven mainly by sentiment, but institutional long-term accumulation and a high staking rate form bottom support, leaving limited room for further downside. $ETH ‌