A textbook-level "liquidity recovery + band reallocation" is currently unfolding on the ETH chain. On-chain data shows that a whale address completed a high-precision two-way operation within a short period:

First phase: High-level distribution occurred three days ago, with the whale selling approximately 10,829 ETH at an average price of about $2,300, totaling around $24.91 million. This action took place in a relatively high range, essentially closer to liquidity release and position reduction.
Second phase: Rebuilding the position through replenishment just one hour ago, the same address began a reverse operation: buying back 7,448 ETH at an average price of about $2,350, totaling approximately $17.5 million. This indicates that the market has not yet exited the range fluctuation, and the whale has re-engaged in price structure rebuilding.