PANews reported on August 11th that CryptoQuant analyst CryptoOnchain noted that Ethereum market leverage is nearing a historical high (ELR at 0.68), with Binance's leverage ratio being relatively low (0.52), suggesting higher leverage usage on other exchanges. Furthermore, Binance's net inflows are significantly higher than the global exchange average, potentially signaling a risk of localized selling pressure.

Bullish factors in the medium term include institutional demand and network growth. US Ethereum spot ETFs saw record daily net inflows of $726.6 million, pushing total holdings above 5M ETH (approximately $20.3 billion). Ark Invest and Fundamental Global purchased 30,755 ETH and allocated $200 million to Ethereum treasury, respectively, demonstrating growing institutional confidence. Meanwhile, on-chain transaction volume reached new highs, staking participation continued to grow, clear regulatory support for liquidity staking, and upcoming upgrades (Pectra and Fusaka) will further enhance Ethereum's scalability and utility.

Short-term volatility risks are heightened, with high leverage, resistance testing, and exchange inflows potentially triggering significant downside volatility. However, strong institutional inflows, ETF demand, and network upgrades are expected to limit significant pullbacks and support the long-term uptrend. Key price levels: Support range of $3,980–$4,020, and resistance range of $4,450–$4,550.