ETH is currently in a critical position of Bull vs Bear Battle, with the market being pulled vigorously, it's really exciting!

On the positive side, the Ethereum spot ETF has finally welcomed capital inflow, with a net inflow of $60.82 million on November 26 alone, providing substantial support to the market. At the same time, the total amount of staked ETH has surpassed 35 million, nearing 30% of the total supply, and the circulating supply continues to tighten, providing strong support for the future. From a technical perspective, after rebounding from the low of 2631, a slight upward channel has formed at the 4-hour level, indicating signs of warming in the short-term trend.

However, bearish factors cannot be ignored either. The daily level is still constrained by moving average resistance, with the 20-day and 50-day moving averages forming significant resistance, especially in the 3100-3150 range which has seen multiple rejections and pullbacks, indicating heavy selling pressure. What is even more concerning is that despite the inflow of funds into ETFs, the spot market overall still shows a net outflow, indicating a strong willingness to reduce positions at highs, and market sentiment remains cautious.

Overall, ETH is at a critical juncture of "no breaking, no standing": if it can break through the 3100-3150 resistance zone with volume, it is expected to further approach around 3200; but if it loses the 2950-2980 support, it may drop to the 2870-2900 range, potentially triggering a deeper correction.

Key points to pay attention to in operations:

2950-2980 is a short-term key support level, and if it falls below that, one should promptly reduce positions to avoid risks.
If it breaks through 3100-3150 without significant volume, be careful not to blindly chase the increase and beware of a pump trap;
The Federal Reserve will hold a monetary policy meeting around December 10, and market volatility may increase before this, so it is essential to control positions and avoid full-margin operations.
Continuously monitor the capital flow of exchanges and the dynamics of ETF funds, as these are important signals for determining the short-term direction.

The current ETH market has a low tolerance for error, it is advisable to remain cautious, take profits when possible, and always prioritize risk control over returns.