$ETH Technical Overview (December 29)

Although Ethereum retraced to $3000 today, honestly, this level isn't really worth celebrating. The previous high on December 22 hasn't been broken yet, and the overhead pressure remains tight.

**What is the current situation?**

The $3000 level is very critical — both a psychological and technical threshold. The problem is, market sentiment is currently weak, and chasing longs directly carries high risk. If you want to get involved, you need to first understand which way the situation is heading.

**Two possible scenarios**

If the price pulls back, support levels at $2950 (recent support + 100-hour moving average) and $2920 (main support) are key areas to watch for stabilization. If there's a breakout upwards, the critical resistance is in the $3030-$3050 range. A volume breakout here could test $3120.

Conversely, if the price breaks below support, be alert for further weakness, with support levels at $2880 and $2800 below.

**A few things to pay attention to**

Risk management first — set stop-loss orders; this is the baseline. Market liquidity at year-end is already thin, making it easy to be misled by amplified volatility.

Another phenomenon: on-chain data shows large holders quietly accumulating, but retail demand remains weak. This indicates the market structure is still complex and not easy to judge simply.

**In simple terms**

The safest approach at this stage is to base decisions on key price levels. Until a new high is confirmed or key supports stabilize, it's better not to chase blindly. Find suitable ranges to buy low and sell high, or just wait and watch. Chasing rallies or panicking sell-offs without clear signals is risky.