On December 11, 2025, Ethereum's market first surged and then plummeted, subsequently showing a weak oscillating trend. Additionally, influenced by the Federal Reserve's hawkish rate cut, the overall market remained cautious. The specific trends and related analysis are as follows:

1. Market trend: After the Federal Reserve's interest rate cut decision was announced in the early morning, Ethereum surged to $3440 along with the market. However, as the Federal Reserve hinted that future rate cuts would slow significantly, profit-taking sentiment surged, causing its price to plummet rapidly to around $3320. During the early trading session, the cryptocurrency briefly fell below the psychological level of $3300, and then oscillated weakly around the $3200 - $3300 range. By around 3 PM that day, it was seeking support near $3200. However, there were also reports that Ethereum rose again later that day, reaching a high of $3667 during trading, and ultimately closing at $3589.6, with a 24-hour increase of up to 7.97%.

2. Key price levels: Key support focuses on the $3150 - $3200 range, which is close to the 50-day moving average and the recent lower end of the oscillation. If this support is lost, the next level of support will look towards the core area of $3050 - $3100. On the resistance side, $3300 has transformed from support to a strong resistance level for recent rebounds, with more significant resistance above $3400.

3. Special support factors: Ethereum has a certain foundation against declines. On one hand, its reserves at centralized exchanges have dropped to multi-year lows, limiting potential selling pressure. On the other hand, it also benefits from ecological support after the Fusaka upgrade, combined with the upcoming favorable optimizations for the underlying protocol, providing some support for its value.

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