In mid-September, #ETH hit a yearly high of $4,700,

26.6 million ETH simultaneously chose to exit staking.
This was a real supply shock.
The results are clear:
In just three and a half months, the market absorbed these 26 million ETH exits,
ETH price dropped by 34% ——
From $4,700 → $3,100.
👉 Selling pressure has been completely released.
And now, the situation has completely reversed.

Waiting to exit staking: only about 80,000 remaining

Waiting to enter staking: over 1 million

More importantly:
Ethereum treasury company BitMNR (BMNR)
staked 593,152 ETH in the last 8 days,
directly pushing the staking queue higher.

A simple summary of the current on-chain state:

Exiting staking ≈ clearing out

Entering staking ≈ surge

Circulating supply is continuously being drained

Three months ago was:
High → large-scale unlock → price decline
Now is:
Low → large-scale locking → supply contraction
Offense and defense have already shifted.
Can ETH price rise?
At least from the supply and demand structure—
Not rising, and that seems a bit unreasonable 😂