At the last trading day of the year, Bitcoin and Ethereum are playing a typical game at critical levels. Short-term fluctuations have ups and downs, but the supporting logic remains intact.

In the past two days, Bitcoin has repeatedly tested the 87,000-87,500 range, with the 100-week moving average at 85,769 acting as a guardrail that cannot be casually broken. Looking upward, the 88,000-89,500 range forms a wall, especially the psychological pressure around the 90,000 mark. On the hourly chart, the MACD is contracting and repairing, which usually indicates a short-term rebound opportunity.

Ethereum, on the other hand, seems a bit stuck at the 3,000 level, with support mainly around 2,940-2,900. The daily middle band is at 3,060; breaking through this could lead to 3,150-3,250. Compared to Bitcoin, Ethereum shows slightly stronger resilience.

Year-end liquidity has indeed shrunk somewhat, and trading activity is average. However, on-chain low-level buy orders have been continuously accumulating, and large holders haven't let go. Institutional funds are probably waiting to re-enter after the New Year holiday.

In terms of strategy, BTC can make small swings around 87,800-88,100, with the first target near 89,000. ETH can try around 2,950-2,960, aiming for 3,000.