On December 23, the price of ETH slightly dipped to around 2964 USD, overall following the market's pullback. Recently, prices have been fluctuating below 3000 USD, unable to rise significantly and not experiencing large drops, with low trading volume indicating that both bulls and bears are waiting for a clear direction.

Although the price is not strong, the futures market has begun to show activity. Data shows that the open interest in Ethereum futures has noticeably increased, indicating that many traders have already entered the market, betting that a significant market movement will occur soon, regardless of whether it is up or down, volatility is likely coming.

More importantly, institutional funds continue to buy Ethereum. Some large funds and companies are increasing their positions in ETH through spot and DeFi lending, maintaining a positive outlook on Ethereum's future ecosystem and value. This type of capital is usually not for short-term speculation and provides some support to market sentiment.

However, from a technical perspective, caution must be maintained. Ethereum has formed a pattern similar to a "head and shoulders" on the short-term charts, which is a bearish signal. If the price breaks below the key support around 2800 USD, it may continue to decline to 2600, or even 2400 USD.

The current key points are very clear:

Hold above 2800 USD → There is an opportunity to rebound again and challenge 3000 USD

Fall below 2800 USD → May continue to pull back, with short-term pressure increasing

For beginners, this is not a good time to chase prices; it is more suitable to observe whether the support is effective and to wait for a clear direction before taking action.