Ethereum (ETH) has recently shown a relatively stable market condition. The latest quote indicates that ETH is hovering around $3,450, with an intraday volatility maintained within a range of ±2.5%. Currently, its total market capitalization is approximately $415 billion, firmly holding the second position in the crypto assets market capitalization ranking.

Market trading activities are relatively sluggish, mainly influenced by two factors: first, the market's speculation on the direction of the Federal Reserve's interest rate policy; second, the delay in the Ethereum network upgrade plan. From a technical analysis perspective, the short-term support level for ETH is currently at $3,200, while the resistance level is at $3,600.

It is worth noting that on-chain data reveals an interesting phenomenon: large investors (commonly known as "whales") are increasing their ETH holdings, while the participation of small-scale investors is declining. This divergence in investor behavior may signal that new changes are about to occur in the market.

Looking ahead, the upcoming U.S. inflation data to be released this week will be the focus of the market's attention. This data is likely to have a significant impact on overall market sentiment, which in turn will affect the price trend of ETH.

In this complex market environment, investors need to remain vigilant and closely monitor various macroeconomic indicators and industry dynamics to timely adjust their investment strategies. At the same time, the technological development and upgrade process of the Ethereum network is also an important factor that deserves continuous attention, as these changes may have a profound impact on the long-term value of ETH.