Following a pullback, Ethereum has established solid ground at the $3.2K level. Trading activity tells an interesting story—daily volume surged 128% to hit $27B, signaling renewed market interest. On the institutional side, ETF inflows have been substantial, with roughly 158K ETH (approximately $500M) flowing in since late December. What's particularly noteworthy: active addresses have doubled past 800K, while staking metrics hit new all-time highs. If the $3.2K support holds firm, bulls are eyeing a path toward $3.4K, then $3.66K, with potential to challenge the $4K level if momentum sustains. The confluence of rising on-chain activity, strong ETF demand, and elevated staking suggests underlying strength beneath the surface.