December 29 Early Morning ETH Market Forecast and Analysis

From the current candlestick trend, ETH price first experienced a surge to the local high of 2959.99, then quickly retreated. It is now stabilizing around 2932.79. In the short term, the bulls and bears are fiercely contesting, and the early morning movement requires close attention to the breakthrough of key support and resistance levels:

1. Key Support Level: The 2920-2925 range below is an important support for this pullback. If it can hold this range in the early morning, the price is likely to experience a technical rebound, testing the short-term resistance at 2940-2945. If it breaks below 2920, it will further test the previous low support at 2915, and the downward space may open up.
2. Key Resistance Level: The 2945-2950 range above is the core resistance zone of recent oscillations. If the rebound can effectively break above this range in the early morning, it is expected to launch another attack on the stage high of 2959. Conversely, if the rebound encounters resistance in this zone, the price will continue to oscillate and decline.
3. Trend Prediction and Long/Short Operation Reference:
- Bullish Operation: If the price stabilizes above 2925 support in the early morning, consider entering long positions with a small amount. The first target is 2940-2945, and after breaking through, aim for 2950-2959. Set stop-loss below 2920.
- Bearish Operation: If the price breaks below 2920 support, consider entering short positions accordingly. The first target is 2915-2910. If the decline continues, look further towards the 2900 level. Set stop-loss above 2925.
Overall, the early morning is likely to show a oscillating and testing trend, focusing on the breakout direction of the 2920-2945 range. It is recommended to operate mainly within the range, follow the breakout, and strictly set stop-losses.