Ethereum exchange holdings fell to an all-time low of 18.57 million, while net ETF inflows reached $583 million. Despite the positive ecological fundamentals, the market remains cautious about Ethereum's price movements. Ethereum is currently rebounding from the $2,500 support level, but is still facing resistance from the 20-day moving average. From the perspective of downside risks, if the $2,500 support level is breached, ETH needs to hold the lower boundary of the key technical channel strengthened by the 50-day simple moving average to avoid a further decline to the $2,260-$2,110 support range. The RSI (RSI) hold above the neutral level and may test its moving average, while the Stochastic is below the neutral level. A successful crossover of these two indicators will increase the downward pressure. Technically, bears can patiently wait for the decline to accelerate, and those who have not yet opened a position can consider taking a short position near the $2615-$2620 area, or adding a floating profit position in the corresponding position.