PANews reported on December 30th that Matrixport's chart analysis today indicates that in the previous cycle, Ethereum attracted incremental funds driven by expectations of smart contract platform ecosystem expansion and the "programmable currency" narrative, propelling its price to new heights in 2020-2021. At the peak of sentiment in 2021, the market even anticipated reaching $10,000. However, the upward trend failed to continue. After a pullback from its highs, Ethereum entered a long period of consolidation, generally trading within a large triangle pattern. Over the past few years, it has primarily exhibited range-bound trading with no clear trend. Structurally, the price twice attempted to break out of the range (once downward and once upward), but both attempts failed to sustain, and the price quickly returned to the range. Until a direction is confirmed, the market will likely remain range-bound. The current triangle pattern is clearly converging, with the price action space continuously compressing, and the structure is nearing its end. As this long consolidation gradually completes, 2026 may become a crucial window for Ethereum to choose a direction and enter the next phase of its price movement.