Based on recent on-chain data, there are actually many noteworthy details behind this recent ETH correction.

Let's start with the data perspective. Since the early hours of January 2nd, on-chain monitoring detected three major whale addresses collectively accumulating 31,000 ETH, while a major exchange experienced net outflows of over $180 million USD. Changes in such scale of chip concentration typically reflect institutional fund movements. From the 1-hour chart, the price surged directly from a low of 2908 to a local high of 3149, followed by a correction around 3096—this level coincides with the middle band of the Bollinger Bands and is also a recent key support.

The news aspect is even more interesting. Recently, Ethereum core developers finalized an optimization plan for secondary staking, which directly activated institutional funds in the staking sector. On-chain staking volume increased by 0.2% within an hour. Although this increase may seem small, given the large total staking amount, it indicates continuous inflow of new funds.

From a technical standpoint, the current price is near the strong support at 3096, with 3150 as a clear resistance level. Looking upward, 3200 is the first key target. If this level is effectively broken, 3300 enters a reasonable expectation range. Conversely, below 2950 is the real risk zone to watch.

Of course, this analysis is based on current on-chain data and technical indicators; the market always carries uncertainties. The key is to understand the underlying logic rather than pursue short-term profits.