Ahmet Bedirhan Arvas 
In the crypto world, the recent declines in major coins such as Bitcoin and Ethereum have made investors increasingly anxious. However, on-chain indicators are gradually painting a more optimistic picture for Ethereum. The crypto analytics firm Santiment shared data stating the following:
The stagnant movement in stablecoin yields shows that the market is not overheated yet. This increases the possibility that Ethereum may regain strength in the short term and rise toward the $3,200 level.
Leverage Pressure Remains Weak!
Santiment closely monitors the lending yields (APR rates) of major stablecoins such as USDT and USDC. These rates are considered critical because they generally reflect the leverage demand in the market. Currently, yields are moving between 3.9% and 4.5%, a range historically associated with low leverage usage.
In other words, investors are definitely avoiding aggressive positions. The market has not yet entered a phase of speculative excess, and this environment is thought to signal a period where prices still carry upward potential before forming a major peak.
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Will Ethereum Rise?
Ethereum has dropped more than 21% in the past 30 days. The selling pressure caused by the massive $19 billion liquidation wave on October 10 still hasn’t fully disappeared from the markets. In addition, U.S. President Donald Trump’s new tariff plans on Chinese imports have significantly suppressed global risk appetite.
However, the picture has been changing in recent days. Spot Ethereum ETFs recorded a net inflow of $312.6 million. The three-week outflow trend has been broken, and institutional investor interest has returned. At the same time, technical indicators are strengthening day by day.
The analytics firm states that Ethereum was trading around $3,000 at the time of the report and that current on-chain dynamics suggest the asset may be preparing for a move toward $3,200. This indicates approximately a %7 upward potential from the current levels.
If a close below $3024 occurs, it was mentioned that Ethereum could experience an internal structural decline. Yesterday, this close happened, and the price pulled back to $3000. If it closes below $3000, a further decline toward the $2950–$2900 range appears likely. These levels seem more probable for a potential rebound.
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