12.11 Ethereum Evening Thoughts
From the recent technical trends, Ethereum has formed a cliff-like decline after a surge, along with a low-level oscillation pattern. The hourly candlestick has failed to reclaim the previous decline range, which is a typical sign of a weak rebound. The key resistance level of 3186-3200 has transformed into strong suppression, with multiple rebounds facing obstacles and failing to break through. Meanwhile, the critical support levels at 3100 and 3000 are facing severe tests; a breach below these levels will open up further downward space. Additionally, the previously market-focused bullish inverse head and shoulders pattern has been destroyed, and the short-term technical structure is entirely leaning towards bearish.
Ethereum suggests a range near 3210 and 3250, with a target of 3100. If broken, it can continue to look down towards the 3000 mark.
