ETH is repeatedly tugging around the $2970 level, with less than a 2% decline over the 1-hour period, remaining within a broad oscillation range of 2870-3069. Currently, the bulls and bears are in a stalemate, neither side able to take the dominant position.

From a technical perspective, the support for the pullback is at the 2930-2960 zone. Going lower, $2880 is the lifeline of this round of the market; if it is broken or if a bottom is tested at $2627, the situation will truly change. On the bullish side, the short-term resistance is at 3050-3070. Whether it can hold above the $3000 mark directly determines if the bulls can turn stronger.

The funding side is quite interesting. On one hand, bearish sentiment is rising, with rates turning negative, and over $610 million in long positions have been liquidated in the past three days; on the other hand, large whales and institutions are quietly accumulating at low levels, and withdrawals from exchanges haven't stopped, indicating long-term holders are quietly locking in their positions. This contradictory stalemate suggests that the market hasn't yet decided on a clear direction.

What’s the next move? Keep a close eye on whether the key levels at 2930 and 3000 are broken or not. But there's a prerequisite—volume must cooperate. Without a volume-driven breakout, it’s likely just a false breakout, and the market will probably continue to grind within the range. Instead of frequent trading, it’s better to maintain a high sell and low buy rhythm, strictly controlling position sizes. Also, don’t forget to watch BTC’s movements and keep an eye on macro news, as these can disrupt plans.