12.14 ETH Evening Forecast and Analysis

From the candlestick chart, it can be seen that ETH's price surged to 3128.65 intraday before continuing to decline, with a sharp drop occurring in the evening, reaching a low of 3048.32. It then quickly rebounded to around 3069.97. Overall, the pattern shows an extreme weak trend of breaking down with a oversold rebound, with sufficient bearish momentum. After multiple failed attempts by the bulls to push higher, the price broke through the previous support at 3075 and created a new low, further strengthening the short-term downtrend; however, a rapid rebound after being oversold indicates technical support around 3050, suggesting a short-term correction is needed. Support levels are at 3048 (intraday new low), followed by the 3040-3050 integer zone. If broken, the price may test the 3000 level; short-term resistance is at 3070-3080 (first pressure zone during rebound), with stronger resistance at 3090-3100. The 3120 level is the medium-term critical point distinguishing bulls from bears. The late-day crash accompanied by high volume has pushed market panic to a stage-high. The oversold rebound is a short-term bottom-fishing move by funds, and the bullish reversal has yet to be solidified.

Overall, tonight's market remains a weak rebound and oscillating sideways with a bearish bias. The oversold rebound is unlikely to reverse the medium-term downtrend, and the rebound height will be limited by resistance levels. The market will oscillate around the 3050-3080 range. If support at 3050 fails, the price may test the new low at 3048 or even the 3000 level. If bottom-fishing funds continue to flow in, the price could rebound to 3090-3100, but once it breaks above 3100, upward space will be limited, and a return to sideways decline is highly likely.

Trading Suggestions:
Attempt long positions with light holdings in the 3050-3065 range, with a stop loss at 3040. Target 3090-3100. If the price stabilizes above 3100, look for a rise to 3125-3135.
If the price retraces upon reaching 3095-3105 (such as bearish candles with upper shadows testing resistance), decreasing volume), consider short positions with light holdings, targeting 3075-3065. If support is broken, look toward 3050-3020.