The recent slight pullback of Ethereum (ETH) has raised some concerns among market participants, with some beginning to question whether its upward momentum has come to an end. This reaction largely stems from the psychological shadow left on investors by Ethereum's repeated fluctuations over the past year, leading to an excessive sensitivity to short-term volatility in the market.

However, the objective data presents a completely different picture. The capital inflow situation for spot ETFs is very optimistic, with the recent wave of net inflows setting a historical third-high record, accumulating a total of 140,000 ETH. This phenomenon clearly indicates that institutional interest in Ethereum has not only not weakened but has continued to strengthen. If we were really at the market top, it would be unlikely to see such a scale of capital continuously inflowing.

The key to the current market situation lies in whether Ethereum can maintain stability above $3600. If it can hold this level, it means the market is in a strong consolidation phase, building momentum for the next pump. As long as this support level is not broken, the possibility of hitting $4090 remains high. In fact, the more stable the consolidation period, the stronger the momentum may be after the breakout.

Investors should not overly focus on short-term fluctuations. Even if a deeper pullback occurs, it should be seen as a healthy market adjustment. Considering that Bitcoin has recently attracted a large amount of market capital, it is understandable for Ethereum to temporarily consolidate. At the same time, this has also led to a temporary stagnation of other cryptocurrencies (commonly referred to as "altcoins"). However, this situation may provide new entry opportunities for investors who missed the previous pump. Once Ethereum initiates a new round of rise, other cryptocurrencies are likely to follow suit.

Overall, the fundamental logic of Ethereum remains strong, with funds continuing to flow into the market. The current pullback is merely a brief interlude in the process of rising. To determine whether the market has truly peaked, it is essential to pay attention to the flow of funds and whether key support levels have shown significant damage, and currently, there are no warning signals from these indicators.