Currently, Ethereum is oscillating within a narrow range of $2860 to $2900, which is considered by analysts as a key support zone in the near term. If this support area is effectively broken, the downside risk will increase, and the next significant support level could be around $2700.

Faced with the current price levels, market analysis opinions are diverging significantly, creating a tug-of-war between bulls and bears:

· Bearish view: Represented by analyst Ali Charts, who issued a stern warning. He believes that if Ethereum's monthly closing price falls below $2930, it could open the door to a deep correction towards $2000 or even $1100.
· Bullish view: Some technical analysts are trying to find hope from another perspective. By inverting the daily chart, they believe the current decline pattern may resemble a potential "bullish cup" bottom. Additionally, data shows that large holders, or "whales," have liquidation prices far below the current price, indicating that in the short term, there will be no forced liquidations triggering further involuntary selling.