The current Ethereum market shows some on-chain data trends worth following, leaning towards caution.

In terms of large capital flow, in the last 30 minutes to 1 hour, the net outflow of whale funds has increased from -0.17 to -0.23. At the same time, the activity level of so-called "smart money" remains at a level of 36-37, which is in a neutral to low range.

The market sentiment indicator shows that the Fear and Greed Index is currently at 40, reflecting a generally cautious attitude among investors. The sentiment indicators on social media are fluctuating between 58 and 60, and although they are in a neutral range, there is a lack of clear positive factors driving the sentiment.

It is noteworthy that market liquidity has contracted to a certain extent. The ratio of current trading volume to the 7-day average level fluctuates between 0.32 and 0.6, generally below the average level. Meanwhile, the volatility of the ETF market has also fallen to 0.68%, further confirming the decrease in trading activity.

These indicators combined reflect that the Ethereum market is currently in a relatively cautious phase. Investors seem to be waiting, looking for clearer market signals. However, this sluggish state may also lay the groundwork for future market changes, making it worth following the subsequent developments.