December 29th, take a look at the $ETH market.

From the candlestick structure and moving average arrangement, these days are characterized by a pullback after a rally. Recently, there was a volume-driven long bullish candle pushing the price from 2922.84 all the way up to 3056.00, forming a typical peak. Then—sharp rise and fall, with a rebound by the bears. Consecutive large bearish candles with deep bodies and rapid declines, a series of green K-lines have dominated the short-term market.

Good news is that recently, the candlestick bodies are shrinking, and lower shadows are appearing, indicating that funds are bottom-fishing at low levels. Currently, it’s a tug-of-war between bulls and bears.

The short-term moving averages have already turned downward, and after the price broke below the medium-term moving average and attempted to rebound, it failed to hold, being pressed down by the moving averages. The indicator lines are still in the low zone, showing signs of turning, but no clear reversal signal has formed yet. The short-term is indeed oversold, but confirmation of a trend reversal still requires waiting.

From a technical perspective, a slight position can be considered around the 2930—2905 range for a buy-in. If the price can stabilize above this level, the target range can be set between 2990—3030.

Disclaimer: This is only a personal analysis and opinion, not investment advice.