Recently, the price of Ethereum (ETH) has been fluctuating below a downward trend line extending from the November high. Each rebound has been suppressed by this trend line, indicating that the overall market is still in an adjustment phase. The current price is around $3100, below the 100-day and 200-day moving averages. Particularly in the $3400–$3500 range, which was previously a high distribution area, selling pressure remains evident, and there is significant resistance above. Only by breaking through the $3300–$3600 resistance zone could the daily trend change from a downward pattern; otherwise, any upward movement is likely to be characterized by repeated pullbacks.

The support level below is in the $2600–$2500 range, which is the starting point of the early uptrend and also the lower boundary of the overall market structure. Even if the price falls below this area, it still conforms to the adjustment trend, which does not mean a complete reversal of the trend.

In the short term, the 4-hour chart shows that the ETH price is oscillating within a small ascending channel but is still suppressed by the downward trend line and the local resistance zone near $3300–$3400. The price has attempted to break through this resistance multiple times but has only resulted in small pullbacks, indicating limited buying power. If it fails to break through $3300, downward pressure may first reach the psychological level of $3000, then further explore the $2900 support area.

Overall, only if the price effectively breaks through the downward trend line accompanied by sustained increases will the short-term buying power significantly dominate; otherwise, the market will still primarily focus on digesting pullbacks.