#比特币2026年行情展望 Ethereum makes room for a rally

Currently, ETH is oscillating around $3300. Based on contract data, the next major target is around $4100. Looking at past market rhythms, whenever leverage levels approach 0.60, there’s usually a 10%-25% extension rally. But this kind of increase rarely happens in one go — the market never does that.

A more realistic scenario looks like this:
Liquidity is slightly released → Bulls start accumulating → Leverage gets wiped out → Then it continues upward

What do on-chain signals say now? Let’s wait and see.

ETH’s SOPR is still below 1, indicating that holders are still generally at a loss. In this situation, a direct one-way surge isn’t very likely. A healthy rally should look like this:

From the chart, the 3050-3170 range is an important demand zone. If the price returns here and washes out excessive leveraged positions, it actually sets the stage for a push toward 4100. This is called "clear out first, then rise."

Core logic: not bearish, just not following the rally. Clean up the market first — those who should exit, exit; leverage that should be wiped out, get wiped out. Only then can the move be steady and sustainable.

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