Analysis: Ethereum is being quietly accumulated, primarily driven by spot trading rather than leverage.

PANews reported on January 20th that Matrixport's chart analysis today indicates that Ethereum is experiencing quiet accumulation, primarily driven by spot trading rather than leverage. From a technical perspective, although there has been a rebound over the past two to three weeks, the medium-term investment logic for ETH remains valid. Previously anticipated recovery signals continue: technical indicators are steadily improving, on-chain data is recovering, and market pricing in pessimistic expectations has lessened (at least in the current phase), thus easing short-term downward pressure.

Structurally, the current ETH options market is dominated by short call options, while buying on the spot side still prevails, resembling more of a strategic position building than simply chasing the rally. This combination allows for some participation in the upward movement while also realizing some volatility by collecting premiums from selling call options. Meanwhile, this round of position building is largely driven by spot buying, making the rebound more supported and relatively more sustainable.