12.16 ETH Morning Operation Forecast

ETH experienced a technical oversold rebound after a sharp decline, dropping rapidly over 190 points from the high of 3177 to a low of 2985. The rebound was weak, indicating that short-term bears are dominating the market. Bulls are only making small bottom-fishing attempts around the 3000 level, showing a lack of confidence. During the decline, trading volume increased; during the rebound, volume significantly contracted, reflecting that funds have not entered in large scale to absorb selling pressure. The overall market remains cautious and watchful. The 2985-3040 range is the core zone of morning bullish and bearish battles. The breakout direction of this range will determine the short-term trend.
ETH will fluctuate repeatedly within the 3000-3020 range. The upper resistance is at 3020, and the lower support is at 2985, which is the key support level for this round of decline. After a sharp drop, the market needs time to digest selling pressure. Additionally, trading volume in the early hours usually decreases, making it difficult for funds to push prices into a large-scale directional move. Currently, bulls and bears are temporarily stalemated.
Operation Suggestions:
If the price stabilizes after testing the 2985-3000 support zone (e.g., forming a bullish K-line pattern), open a small long position with a stop loss at 2970, targeting 3065-3075.
If ETH effectively breaks below 2985 (closing price below this level with increased volume), it will further decline to the 2950-2960 area, with an extreme possibility of reaching the 2900 level. The driving factors are continued bearish selling pressure and funds exiting bottom-fishing positions.
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