The last peak of ETH was still 3500. From November to mid-December, it has been rapidly declining, entering a long-term price range of 2800-3200 USD with narrow fluctuations. Recently, the price has rebounded from a low point, forming a slight upward structure, but the trading volume (bottom histogram) shows a decrease in volatility during the consolidation period, with moderate amplification of volume during the recent rebound.
Now, we are looking at the key levels for ETH. 3000 is a psychologically significant level. The current support line is around 3010-3020, and after absorbing chips in the dense area of 2910-2970, the price is testing or nearing a breakthrough of the resistance at 3060.
Once it breaks through 3060, the bullish trend will officially emerge, with upper resistance levels at 3200-3300. The entire consolidation period resembles a large descending triangle or a compressed wedge, with recent small bullish candlestick clusters indicating attempts to break through the upper track. If it successfully breaks through 3010-3020, it could confirm the right shoulder of a short-term bottom (potential head and shoulders pattern), initiating a rebound.
The current trend supports a moderately bullish outlook. It is recommended to closely monitor the confirmation of the 3010 breakthrough and set a stop loss around 2850. For reference only! $ETH
