$ETH is in a critical support testing period after a sharp decline. 2950 is the dividing line between bulls and bears. There is a short-term rebound demand, but the overall pattern has not yet shifted from danger to safety.

Head/Double Top Pattern: If we consider the high point at 3446 and the recent high around 3380, this is a potential wide double top or top structure of a consolidation zone. Currently, the neckline is being tested.

Stabilization Attempt After a Sharp Drop: The current 4-hour candlestick shows a small bearish candle or doji with a lower shadow, indicating that there is some support around 2950. The downward momentum has temporarily slowed, and the market is searching for a short-term balance point.

Volume: The volume at the bottom of the chart shows signs of increasing during the decline, indicating heavy selling pressure. The key support and resistance levels are immediately at: 2900 - 2950 USDT. The current price is right in this range.

This is the previous dense consolidation zone top from late December to early January, with strong chip support. If this level is broken, the price could quickly decline. Strong support level: 2800 - 2850 USDT. This is the main bottom of the lower box and the last line of defense for the bulls.

Short-term resistance level: 3050 - 3100 USDT. This is a critical level that was broken during the decline and now serves as the first resistance during a rebound. If the rebound cannot hold above 3100, it is considered a weak rebound (dead cat bounce).

Strong resistance level: 3250 - 3300 USDT. This is an area with dense trapped orders above. The current state: bears are dominant but testing support. Market sentiment is leaning towards panic, but it is not advisable to blindly short at this position, as it is close to an important support zone. #ETH走势分析