Ethereum completes chip sedimentation above the key technical threshold and moves upward with increased volume. The scale of holdings and price show a resonant expansion trend, confirming the launch of new long positions and ruling out a passive short covering rally. The market shows that during each price pullback, liquidity siphoning effects occur, with selling momentum diminishing in a stepwise manner. Under the risk control framework, as long as the price remains above the 2920 defense line, the bullish structure remains intact, and there is potential to challenge previous highs and the cluster of unfilled orders above.