Ethereum's network activity has surged, with active daily addresses exceeding 800,000, more than doubling from previous weeks. This increase, driven by DeFi, NFTs, and layer-2 solutions, suggests a healthy network with long-term growth potential. Concurrently, Ethereum ETFs recorded a net inflow of $479.3 million last week, marking the first positive week since October 2025. Despite some outflows, strong demand from institutional investors like BlackRock and Grayscale indicates renewed interest. Ethereum's price remains slightly bullish, trading near $3,296 and maintaining an upward trendline since December lows. The price stability above the $3,200–$3,250 zone supports a positive short-term outlook, with potential to reach $4,200 if momentum builds. However, a drop below $3,150 could break the bullish structure, posing risks of a decline to $2,900. Overall, the current network and market dynamics suggest caution for those considering short positions on Ethereum.