As of 12/30 10:00, ETH is quoted at $2,935. The current technical performance is still quite worth analyzing.

In the short term, the overall trend is neutral with some weakness. The price is repeatedly hovering within the $2,890-$2,950 range, and importantly, multiple moving averages are pressing down from above, indicating that the bulls currently lack momentum. The RSI on multiple cycles from 1 hour to 4 hours is stuck in the neutral zone of 40-47, and the MACD histogram also reflects gradually weakening momentum—these signals combined form a neutral to slightly weak technical pattern.

Although large-scale institutional staking has locked up circulating supply, which is a support factor in the long term, no clear breakout signals have formed in the short term. It is expected that the price will remain within this range for the next 24-48 hours, with a 55-65% probability of testing the $2,890 support level downward.

Regarding key levels, recent support is around $2,889-$2,917 (the lower band of the 4-hour and 1-hour Bollinger Bands plus liquidation clusters totaling about $11.9M in long positions), and further down there is a deep support zone at $2,860-$2,870 (where over $80M in accumulated long liquidations are clustered, so watch out for linked risks).

On the upside, recent resistance is at $2,942-$2,958 (convergence of multiple cycle moving averages plus the maximum pain point of options around $2,950, along with initial short liquidations of $0.2M). Going higher, the next target is the upper band of the Bollinger at $2,995-$3,001, where over $89M in heavily short liquidations are stacked. If prices really surge up there, it could trigger a chain reaction.