#美国就业数据表现强劲超出预期 ETH around 2950 presents an excellent entry opportunity, my judgment is based on three core logic points:

**On-chain Position Perspective**: In the past week, the exchange inventory decreased by 120,000 coins, while the cold wallet addresses increased from 16.28 million to 16.40 million coins, indicating a clear signal of large holders continuing to accumulate positions. This structure suggests that a consensus on the market bottom is gradually forming.

**Leverage Game**: The 24-hour open interest increased by 8.4%, with currently 61.7 million shorts at the edge of floating loss. The funding rate has just turned positive to 0.0042%. If a strong upward attack occurs, the cascading effect will be quickly triggered.

**Technical Confirmation**: The daily RSI has reached the oversold area of 45.9, with the lower Bollinger Band support at 2943. The 1-hour MACD has formed a golden cross signal, and as long as the structure line of 2900 is not broken, the rebound expectation remains valid.

**Trading Suggestions**: Spot can be built in batches at 2950, with leverage controlled within 3 times, and stop-loss set at 2900. After breaking through 3030, additional positions can be added, targeting 3100+. Short-term caution is needed regarding the CPI data performance; if it leans dovish, it will become a strong upward catalyst. Pay attention to the upgrades in the ETH ecosystem and the progress of RWA tokenization; long-term value expectations can look towards the 7600 area.