Around 11:50 AM today, Ethereum's price hovered around $2973, down 1.22% from the previous hour. Looking at the daily chart, the market still follows the "drop first, then rise" pattern—bottomed out at $2925 to find support, then rebounded, now oscillating within a moderate range.

On the 1-hour candlestick chart, the price found support in a previously dense support zone, with selling pressure easing somewhat. However, resistance remains overhead, making it unlikely to see a clear trend in the short term; more likely, it will continue to fluctuate sideways.

**Technical Analysis**

Support and resistance levels are crucial. Recently, strong support is around $2950 (the rebound started from here). Below that, watch the $2920 to $2900 range—this zone was tested multiple times yesterday without breaking. If it breaks or continues to decline, then $2880 should be on alert.

Above, the first resistance is at the $3000 psychological level, which has always been significant. Higher up, the $3020 to $3050 range has seen recent rebound highs clustered there.

Volume is interesting—hourly trading volume has noticeably shrunk compared to yesterday’s decline, indicating the market is gradually returning to rationality from previous panic. Both bulls and bears are observing. It’s important to note that Ethereum is more sensitive to market sentiment than Bitcoin; sudden capital movements could amplify volatility.

From the indicator perspective, moving averages show some short-term weak bullish recovery momentum, but the RSI( has not yet broken the trendline, and no clear reversal signals have appeared. At this pace, the market is likely to continue oscillating within this range.

**Trading Strategy Reference**

For a conservative approach, wait for clear breakout signals. If Ethereum can hold above $3000, consider a small long position with a stop-loss at $2980; if it falls below $2950, try a small short with a stop-loss at $2970. Avoid blindly chasing trades within the range.

For a more aggressive approach, you can use small positions to bet within the $2970–$2990 zone. Target for longs could be around $3010, and for shorts around $2950. Be sure to strictly control position sizes, ideally not exceeding 5%. Quick in-and-out trades are key.

Overall, the current market is more about "structure significance outweighs directional significance." Don’t gamble on a clear trend; focus on whether $2950 and $3000 can be effectively broken. Once they break, consider following up accordingly.