Recently, ETH has failed to hold above $3000, and the price has retraced, currently breaking below the key support area of $2980 and $3000, showing bearish signs in the short term. The price is currently below $2950 and the 100-hour simple moving average, indicating insufficient bullish momentum and limited buying power.

From a technical perspective, ETH has broken below the previous ascending channel, and the $2980 level, which originally provided support, has also been breached. If the price continues to decline, the next important support level is around $2880. If this position is broken, Ethereum may further decline, and the short-term downside risk increases.

However, there is no need to be completely pessimistic. A short-term price retracement is a normal adjustment, and if it can stabilize around $2880, there is still a chance for a rebound, returning to the $2950–$3000 range.

In summary, the current Ethereum price is at a key support range:

Support levels: $2980 → $2880

Resistance levels: $2950 → $3000

For beginners, it is more suitable now to observe whether the support is effective, avoid chasing high prices for buying, and focus on risk management for short-term operations. If the support holds, there remains a chance for a rebound; if it breaks, the short-term price may continue to decline. In conclusion, maintaining patience and caution is key.