Ethereum has indeed been a bit tumultuous recently. It plummeted to $2899 when the US stock market opened, then surged to around $2987 in the early morning, and is currently fluctuating around $2950. The volatility in this market actually reflects the rapid switching of market sentiment.

From the news perspective, cryptocurrency concept stocks generally faced pressure yesterday—mining companies fell by about 3.4%, a leading compliant platform dropped by 1.5%, and mining stocks also declined by 1.5%. Institutional funds have become noticeably cautious as the year-end approaches, looking to exit at the slightest sign of trouble. More critically, the U.S. GDP growth rate for the third quarter surged to 4.3%, which directly dispelled market expectations for interest rate cuts in January, with the likelihood of cuts plummeting from 31% to 13.3%. The expectation of tightening liquidity is putting short-term pressure on risk assets.

However, from a technical perspective, the situation is not so pessimistic. The one-hour candlestick chart has repeatedly poked between 2900 and 3000, and the trading volume has significantly shrunk, which is a typical holiday oscillation pattern, indicating that the market is still waiting for direction. The key resistance level is at 3000 (the integer mark combined with previous highs), and the support level is at 2900 (last night's low). Ethereum has not broken the bottom consensus, which precisely indicates that the bulls still have strength. In the short term, the key is still to observe whether it can effectively stay above 3000.