12.23ETH afternoon price movement prediction analysis

From the current candlestick chart, the ETH price surged to 3043.03 during the day before starting to fluctuate and decline. In the afternoon, the decline continued to expand, reaching a low of 2945.01. The current quote is 2954.31, with short-term bears dominating the market rhythm, and the downward trend is quite evident.

1. Core signals of short-term technical analysis

1. Trend and Pattern: The hourly candlestick chart shows a "high pullback + staircase decline" pattern, continuously closing in the red and breaking through key integer supports like 3000 and 2980. The moving average system is in a bearish arrangement, and the short-term downward momentum has not significantly weakened.
2. Support and Resistance: The immediate support is at 2950 below, and if it breaks, it will further test the 2930-2900 range; the near resistance above is at 2970, with strong resistance at 3000. A rebound needs to break through this level to alleviate bearish pressure.
3. Volume and Sentiment: During the decline, the bearish candlestick bodies are expanding. Although there are small rebounds at lower levels, the volume is insufficient, reflecting weak market buying support, and short-term panic selling pressure is still being released.

2. Afternoon price movement prediction

1. Main price movement: In the afternoon, ETH is likely to weakly oscillate and consolidate in the 2950-2970 range. If the support at 2950 is lost, the price will test the 2930-2900 range; if it can hold above 2950, a slight rebound may occur, but the height of the rebound is likely to be limited by the resistance zone of 2970-3000, making it difficult to form a trend reversal.
2. Low probability price movement: If the cryptocurrency market experiences a capital inflow or is stimulated by positive news, ETH may quickly rebound and return above 3000, but this situation lacks support from technical and funding aspects, making the probability of occurrence relatively low.

Three, Operation Suggestions

- Day traders: Avoid blindly bottom-fishing and wait for a stabilization signal at the 2950 support level; if it rebounds to the 2970-3000 resistance zone, a small short position can be attempted, with a stop-loss set above 3000.
- Medium to long-term traders: Stay on the sidelines and wait for the downward momentum to weaken (such as the appearance of a low position doji star, bullish engulfing, and other reversal candlesticks) or to firmly hold above the 3000 key resistance before considering positioning.

Risk Warning: The price movement of cryptocurrencies is influenced by multiple factors such as macro policies and market sentiment. Technical analysis is for reference only, and it is essential to strictly control positions and stop losses during trading.
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