12.24 ETH Evening Trend Forecast and Analysis

I. Core Market Signal Analysis

1. Key Support and Resistance Zones
- Support Zone: 2910-2920 (with the intraday low at 2912.18 as the core), is the short-term extreme defense level for the bulls. This zone absorbs the bottom-fishing funds from panic sell-offs during the day. Holding this zone will cause the downward momentum to quickly weaken; 2930-2935 is a short-term technical support, serving as the central pivot point of the current consolidation.
- Resistance Zone: 2940-2950 is the first rebound resistance in the evening, with multiple rejections at this level during the day; 2960-2970 is the second resistance zone (relay resistance during intraday pullbacks). Breaking through requires increased volume support; otherwise, it may trigger bearish selling pressure.

2. Volume and Momentum Judgment
During the day, ETH quickly declined from 2976.48 to 2912.18, then rebounded to 2934.11, with trading volume continuously decreasing. This indicates that while bearish selling pressure has been somewhat released, the bullish counterattack lacks additional capital support. It is a weak recovery phase, with overall momentum leaning towards the bears.

3. Technical Pattern Features
The hourly chart shows a “sharp decline + weak rebound” pattern, with small candlestick bodies and short upper shadows during the rebound, indicating that the bulls’ upward probing strength is very weak and no effective reversal signal has formed yet.

II. Specific Evening Trend Forecast

1. Main Scenario: Weak Consolidation in the 2910-2950 Range
ETH is expected to fluctuate within this range tonight. Due to the residual bearish momentum and the lack of bullish strength, the rebound to 2940-2950 will be met with resistance and likely pull back. When falling back to 2910-2920, technical buying support may emerge. Overall, the market will be weak and consolidative, unlikely to see a strong rebound.

2. - Downward Break: If selling pressure increases again, ETH may break below the 2910 support, further declining towards the 2900 mark, and possibly testing the 2880-2890 zone.
- Upward Breakout: If a sudden influx of funds causes a volume breakout above 2940, it may attempt to test 2960-2970 in the short term, but lacking sustained momentum, it is likely to retreat after a quick rise.

Recommendation: Short at 2970-2990, target 2920-2900
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