1. Market Overview

Based on recent 14-day daily K-line and 48-hour hourly K-line data, ETH's current market price is 2975.18, derived from the latest daily and hourly closing prices. In the short term, the price structure shows a oscillating and weak pattern. The daily K-line indicates ETH fluctuating between 2958.91 and 3028.08, with limited volatility. The overall trend has been downward from a high level and is now consolidating sideways. Regarding volume, daily trading volume has decreased over the past week, recently ranging between 152038 and 199306, with most periods below previous active peaks such as 340608 and 520510, indicating increased bullish and bearish divergence and rising market hesitation. Market sentiment and analyst opinions generally lean towards sideways consolidation. From analyst recommendations: “ETH direction: build positions with stops at 2900, take profit at 2990-3020-3050, entry is flexible, no need to time the market. Choose one: no change in trend, still sideways,” it appears that although some suggest long positions at lower levels, confidence in a breakout is limited, advocating cautious and flexible trading aligned with range fluctuations.

2. Technical Analysis
Through combined observation of 14-day daily and 48-hour hourly charts, ETH's trading range has narrowed. Recent highs are at 3028.08, with lows concentrated around 2958.91. Key support is near 2958.91; if broken, further declines to 2950 and 2900 should be watched. Short-term resistance focuses on 2990 and 3020, with potential extensions to 3050, all derived from price ranges in the K-line cycles. From a trend perspective, ETH has been declining from a high near 3324.14, forming a mid-term downward correction, with recent trading days oscillating around 2950-2980. Hourly K-lines show continuous narrow fluctuations, such as oscillations between 2974.32 and 2982.25, indicating market forces are balancing and lacking momentum for a unilateral breakout. Volume-wise, most hourly trading volumes over the past 48 hours are between 2000 and 7000, with occasional peaks at 23020.9 and 39325.6, mainly during rapid fluctuations or false breakouts. Overall, large short-term turnover is mostly local bullish or bearish testing, lacking sustained volume support, making trend formation unlikely.

3. News and Policy Interpretation
Recent news indicates outflows of funds from Bitcoin and Ethereum funds, and ETF-related narratives suggest some selling pressure and adjustments toward the end of the year. “Whale increased leveraged short positions on BTC, ETH, and SOL to 1.69 billion USD,” further confirming market risk aversion and bearish sentiment. Meanwhile, “Ethereum L1 daily trading volume hits a new high,” indicating on-chain activity remains high but has not led to a corresponding price breakout, showing a divergence between capital and consensus. On the policy front, no new policies have been announced in the past 24 hours, recent week, or month, and the silence in policy has not directly driven prices. From the correlation between news and price performance, large holders increasing leverage and short positions, along with pre-holiday capital outflows, align with ETH gradually weakening after failing to break through high levels. Increased on-chain activity has not supported spot prices, reinforcing the expectation of weak consolidation in technical analysis.

4. Analyst Opinions
The core analyst view is: “ETH direction: build positions with stops at 2900, take profit at 2990-3020-3050, entry is flexible, no need to time the market. Choose one: no change in trend, still sideways, first take profit at 2990.” Overall, analysts favor range-bound trading, emphasizing flexible point selection within the range and risk control. In fact, the K-line pattern has repeatedly tested the 2990 level without breaking through, consistent with the analyst’s view that “the trend remains sideways,” which accurately reflects the assessment of a sideways market.

5. Future Trend Prediction and Trading Suggestions
Based on the K-line structure, volume, analyst opinions, and market news, ETH is highly likely to maintain a narrow range of 2950-3020 in the short term. Technically, if volume breaks through 2990-3020, further testing of the 3050 high is possible; conversely, if support at 2958-2950 fails, there is a risk of further decline toward 2900. The strategy should focus on range trading: consider light positions near the lower boundary (2958-2930) with stops below 2900; take profits in stages at 2990, 3020, and 3050. If a strong breakout above 3020 occurs with significant volume, then consider chasing longs. Breaking below 2950 should not lead to blindly adding long positions; caution is needed as market sentiment may weaken, accelerating a correction. Due to insufficient volume and weak news sentiment, heavy positions chasing gains or panic selling are not recommended.

6. Risk Warning
Both daily and hourly K-lines reveal intense price tug-of-war within small ranges, with insufficient volume to support a major reversal. If ETH falls below the 2950 lower boundary, it could trigger a panic, with volatility sharply increasing and testing the 2900 zone, carrying high risk. In the short term, there are no policy benefits, and the news focuses on capital outflows and increased short positions, making the market susceptible to sudden events and directional shifts. Investors should closely monitor the key levels at 2950 and 2990, set reasonable stop-losses, and avoid irrational trading. Conclusion: Ethereum’s short-term performance is biased towards consolidation; range trading is recommended. Avoid chasing highs or panic selling, and adhere to risk management.