ETH 1-Hour Price Analysis — Weak Consolidation After Sharp Drop

Resistance Levels
• First Resistance: $2,985-3,000 (MA5 + recent rebound high, short-term selling pressure zone)
• Strong Resistance: $3,008-3,015 (MA20 + previous consolidation platform, medium-term key resistance)
Support Levels
• First Support: $2,925-2,935 (recent correction low, short-term bullish defense line)
• Strong Support: $2,895-2,905 (previous rebound starting point, critical defensive level)
Technical Indicator Interpretation
1. Moving Averages: Short- and medium-term moving averages (MA5/MA10/MA20/MA30) are in a bearish alignment, with MA5 crossing below other averages, indicating the medium-term weakness remains; price is below all moving averages, showing insufficient rebound momentum.
2. MACD: The two lines form a death cross below the zero axis, with the green histogram continuously expanding, indicating bearish momentum dominates, and bullish rebound strength is lacking.
3. RSI: Current reading is 37.61, in a neutral to slightly bearish zone, oscillating at low levels, market sentiment is cautious, with oversold correction needs but lacking volume support.
4. Volume: Volume increased during the sharp decline, but contracted during the rebound phase; volume remains below MA5/MA10 average lines, indicating the market is dominated by internal capital battles, lacking new capital influx.
5. Bollinger Bands: The bands are widening, with the upper band turning downward and the lower band flattening; price is near the lower band, confirming a weak trend. The validity of the lower band support needs further verification.
Summary
ETH on the 1-hour chart is in a weak consolidation phase after a sharp decline. The bearish alignment of moving averages and insufficient volume restrict upward movement. The current price approaches recent correction lows, making the stability of support levels crucial for future direction. The market is at a critical point of supply and demand battle; until clear volume-based stabilization signals appear, the weak oscillating pattern is unlikely to change.