CryptoQuant: ETH short-term support range is $3980 to $4020, resistance range is $4450 to $4550

CryptoQuant analyst CryptoOnchain pointed out that the leverage ratio of the Ethereum market is close to a historical high (ELR of 0.68), with Binance having a lower leverage ratio (0.52), indicating higher leverage usage by other exchanges. In addition, the net inflow of Binance is significantly higher than the average level of the entire exchange, which may indicate local selling pressure risk. Mid term bullish factors include institutional demand and network growth: the daily net inflow of the US Ethereum spot ETF reached a record high of $726.6 million, with total holdings exceeding 5M ETH (approximately $20.3 billion); Ark Invest and Fundamental Global respectively purchased 30755 ETH and allocated $200 million in Ethereum inventory, indicating an increase in institutional confidence. At the same time, the on chain transaction volume has reached a new high, pledge participation continues to grow, regulatory support for liquidity pledge is clear, and upcoming upgrades (Pectra, Fusaka) will further enhance Ethereum's scalability and practicality. Short term volatility risks have intensified, and high leverage, resistance testing, and exchange inflows may trigger severe downward volatility. However, strong institutional inflows, ETF demand, and network upgrades are expected to limit significant pullbacks and support long-term upward trends. Key price range: support range of $3980- $4020, resistance range of $4450- $4550.