Ethereum is quietly entering the prelude to a new strong upward cycle.

On Wednesday, the daily data showed that the Ethereum spot ETF attracted as much as $240 million, surpassing the $164 million inflow of the Bitcoin ETF, achieving a continuous positive capital inflow for 18 days and setting the largest single-day inflow record in four months. Behind this is not short-term speculative funds, but the strategic allocation of institutional investors.

Multiple favorable factors are driving this wave of market.

The total amount of Ethereum staking has reached a historical high, with 34.65 million ETH locked, accounting for nearly 29% of the total circulating supply. This data clearly indicates that long-term holders have strong confidence, not only refraining from selling but also choosing to lock their assets for staking.

BlackRock's ETHA performance is particularly outstanding, with a single-day inflow of 163 million USD, maintaining a net inflow of funds for 23 consecutive days. Currently, it has accumulated 1.55 million Ether, demonstrating mainstream financial institutions' long-term confidence in Ethereum.

The Pectra technology upgrade has resolved the development bottleneck issue, while the regulatory environment is gradually becoming clearer. These fundamental factors have jointly prompted the market to re-recognize the value of Ether.

From a technical analysis perspective, Ethereum currently shows clear bullish signals:

A head and shoulders reversal pattern has formed on the daily chart.
broke the long-term downtrend line since 2021
The pattern analysis shows that the first target price is at $3300, and the second target may challenge above $4000.

According to the Elliott Wave Theory, since the bottom of the bear market in 2022, Ethereum has been completing a five-wave pump structure, indicating that it may soon enter a full rise phase.

It is worth noting that the current price structure of Ethereum is remarkably similar to the trend of Bitcoin before its significant rise in 2020. If this pattern repeats, the price of Ethereum is expected to reach a range of $5,900 to $13,800 in the upcoming cycle, showing a stepwise rise.

There are still certain risk factors in the short term: resistance around $2800, and the MACD indicator is starting to flatten. If it fails to break through $2880 directly, the price may pull back to the range of $2680-2620 for consolidation.

However, what truly deserves attention is not the intraday fluctuations, but the shift in market narrative - Ethereum is returning to the "market focus" status from being the "undervalued second cryptocurrency."