Bitcoin and Ethereum are currently both stuck in the "battle zone" between bullish and bearish forces. Whoever can break through the key levels first will gain the short-term initiative.

Let's start with Bitcoin. The downward trendline from the October high has been pressing on it. Currently, the market is watching two directions—either a breakout above this resistance line to reverse the medium-term bearish risk; or a decline below the recent upward channel. The Fed's rate cut on December 11 sounds very favorable, but honestly, the market had already priced in this expectation, so it didn't cause much of a stir. Another reality is that recent capital inflows into Bitcoin spot ETFs have been somewhat dull, lacking new incremental funds to give it a push.

From a technical perspective, Bitcoin is confined within a critical range. Above, there is a strong resistance at 94,236 (this level combines the annual opening price, the May low, and the 61.8% Fibonacci retracement). Only a true hold above this level can change the medium-term bearish outlook. Below, 91,000 is the recent oscillation midpoint, and further down, the more important medium-term support zone is between 83,712 and 84,000.

Ethereum's rhythm is slightly different but also in a struggle. It has formed a new short-term bullish trendline around 3,180, which is a signal. On the upside, the resistance at 3,350 is particularly critical—once broken, the rebound space could open up. On the downside, 3,150 is the line of life and death—if this defense line collapses, the downside risk will sharply increase.

The trading approach is straightforward—closely monitor those key resistance and support levels. For example, can Bitcoin's closing price stay above 94,700? Or can Ethereum effectively break through 3,350? These are signals to confirm a short-term trend reversal. Every gain or loss is writing the next move.