ETH/USDT 2990
Last night around 20:30, ETH briefly surged to 3078 before quickly falling back, failing to effectively stabilize above 3060 once again, consistent with my previous judgment. It has now broken below the 3000 integer level, showing clear signs of weakness in the bulls, with a bearish short-term trend.
Market liquidity has not significantly improved, and the retail buying power is limited, while the turnover among large institutions continues.
**Why is 3060 a key resistance level?**
The key lies in the NASDAQ-listed company **ETHZilla (ETHZ)** — this institution focuses on Ethereum reserves and has continuously reduced its ETH holdings recently, **with an average selling price of about 3068 USD, totaling 24,291 ETH** (approximately 74.5 million USD), accounting for about 25% of its previous holdings. This has directly created sustained selling pressure near 3060, causing repeated failures to break above this price.
According to its latest SEC 8-K filing, this reduction is used for the early redemption of senior convertible bonds, with about 69,800 ETH remaining in its holdings. The company indicated that it may continue to raise funds by selling ETH or issuing stocks to support business transformation (shifting towards RWA tokenization, etc.).
From the market perspective, there is a significant gap in the 2900-2960 range below ETH (the yellow background area in the picture), and the price is likely to fill this gap while oscillating in this range, waiting for the turnover among institutions to complete.
The current stage is still a game of "large holders against large holders": companies like ETHZilla, listed on the US stock market, are prioritizing the reduction of crypto assets to maintain stock prices and business liquidity. Retail forces are relatively weak, and it is advisable to cautiously chase long positions, paying attention to the effectiveness of the 2900 support.
Short-term operational strategy:
- Consider shorting near 3060 on a rebound, with a stop-loss at 3100.
- Break below 2980 accelerates downward, targeting the 2900-2960 gap.
- Wait for clear stabilization signals before positioning long.
Risk warning: The crypto market is highly volatile, driven by institutional behavior, and position control should be noted.
(Data source: TradingView + ETHZilla latest SEC filings, updated 2025.12.22)#ETH #Tradingview #Crypto Market Analysis$ETH
