On December 16, 2025, Ethereum continued its weak oscillation trend during the afternoon, with specific market and technical analysis as follows:

1. Price Performance: In the afternoon, Ethereum fluctuated around $2940, having previously dipped below the critical support level of $2960 in the morning, reaching a low of $2892. Although it rebounded slightly from the low, it still showed a significant drop compared to the daily high and failed to regain the psychological level of $3000, maintaining a weak correlation with Bitcoin overall.

2. Technical Aspect: The daily line closed with a bearish candle and is below the middle Bollinger Band. The 4-hour MA10 and MA5 moving averages formed a death cross, indicating a clear bearish trend; however, the RSI indicator has moved out of the oversold area, suggesting a short-term need for slight recovery. Short-term resistance is concentrated in the $3020 - $3050 range, with strong resistance in the $3080 - $3130 range, while key support to watch is in the $2900 - $2850 area.

3. Market Correlation: Influenced by the liquidation of long positions across the network, market panic has not dissipated. If Bitcoin cannot stop its decline at $85000 and further breaks down, it will likely lead Ethereum to fall below the $2850 support level. However, on-chain data shows that Ethereum whale positions have not significantly loosened, and institutional confidence in its long-term technical upgrade benefits has not been greatly shaken, providing some underlying support.