$ETH
First, let's look at the short-term patterns. On the four-hour chart, ETH is stuck in a narrow range between $2920 and $2950. It has repeatedly bounced off the Bollinger middle band at $2940 but fell back, showing insufficient rebound volume. After peaking at $2951 yesterday, it quickly retracted, indicating weak buying pressure. Overall, it remains in a weak oscillating structure and has not escaped the passive rhythm linked to Bitcoin.
Key levels to remember: The support zone below $2840-$2870 is crucial, and it is the lifeline for bulls. Holding above this range ensures stable oscillation; breaking below will lead to a drop towards $2750-$2780. On the upside, first look for resistance at $2940-$2950 during the day, and $2980-$3000 is the dividing line for strength. Only if it can stand firmly with increased volume can it alleviate the downward trend and have a chance to retest the psychological level of $3000. Otherwise, any rebound is merely technical correction.
Next, looking at moving averages and sentiment, on the daily level, ETH is still in a downward channel, with the moving average system biased towards bearishness, showing no signal to turn upwards. The Fear and Greed Index is at 29, which is in the fear zone. Ethereum ETF funds are cautious, the market cap of stablecoins is shrinking, liquidity is tight, and with the decline in Layer 2 activity, there is a lack of incremental funds to support the market, which is the core reason for the weak rebound.
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