Ethereum bearish Technical Analysis

From a technical perspective, Ethereum has clearly encountered resistance at the key resistance level of $2990, forming a bearish upper shadow structure on the hourly chart. The price has retraced from a high of $2989 to around $2960, confirming the validity of this resistance area. Currently, the price has broken below the upward trend line established earlier this morning, and short-term momentum is showing signs of weakening.

The key resistance has shifted down to the 2970-2980 area, which has turned from previous support to resistance. If the price rebounds but fails to effectively break through 2975, it is expected to test the lower support range of 2940-2950 again. If this support is lost, it will further open up the downside space towards the 2920-2900 range. #2025Gate年度账单

Currently, pay attention to the opportunity to take a light short position when the price rebounds to around 2970, with a stop-loss suggested above 2995. It is important to closely monitor the price's reaction to the resistance level at 2970 and whether it can maintain below 2960. The market is still in a high-level consolidation pattern, so be cautious of false breakout risks and strictly manage your position.