After nearly a 20% decline in February, Ethereum has experienced six consecutive months of decline, marking the longest monthly downturn since 2018. Currently, ETH is trading around $1,928, down approximately 3.2% in the past 24 hours. Technical analysis indicates that $1,940 is a short-term support/resistance level—prices have remained below this level, increasing the risk of falling toward the $1,700 support zone. If the key support at $1,800 is broken, the decline could accelerate toward the $1,600-$1,500 demand area. On the upside, only reclaiming $2,100 can significantly alter the current bearish structure. The market fear and greed index remains low, and emotional recovery will take time. Amid retail panic, on-chain fund flows tell a different story. Data shows that last week, cryptocurrency investment products ended five consecutive weeks of outflows, recording a net inflow of $1 billion, with Ethereum-related products seeing nearly $117 million in inflows. Whale activity has also surged: on March 2, a whale bought 6,114 ETH (about $12.4 million) on OKX and deposited it into Aave, possibly preparing for leveraged long positions; another address withdrew 13,450 ETH (about $26.75 million) from a CEX. Additionally, two addresses that had been inactive for three months re-entered the market, spending $10.93 million to buy 5,350 ETH. The largest Ethereum holder, BitMine, increased its holdings by 50,928 ETH last week. Its chairman, Tom Lee, stated that the market is in the “end of a bear market,” and its total holdings now account for 3.71% of circulating supply. While the market focuses on short-term prices, Ethereum founder Vitalik Buterin has outlined a vision for the network’s long-term development. He recently published a detailed article describing Ethereum’s expansion roadmap over the next five years, emphasizing the need to scale execution, data, and state resources—three core areas. In the short term, performance is expected to improve by approximately 10-30 times through block access lists (BAL) and ePBS; in the long term, ZK-EVM is expected to enable about 1,000 times growth. To address state bloat, Vitalik proposed introducing new state forms such as temporary storage, periodic storage, and limited storage, allowing developers to balance costs and complexity. This roadmap aims to make the mainnet “bigger and stronger,” reducing over-reliance on Layer 2 solutions and laying the foundation for Ethereum to support larger-scale applications. $ETH