📊 December 1st morning Ethereum #ETH latest market situation

As of December 1st, 10:57, the price of Ethereum (ETH) is reported at $2840, with the market in a critical support zone experiencing a tug-of-war between bulls and bears. The price rebounded after hitting a low of $2630 on November 21st, but is currently facing significant resistance in the $2850-$2900 range.
• Positive Signal: On-chain data shows that whale addresses (holding 100,000 to 1,000,000 ETH) have accumulated over 280,000 ETH (worth approximately $1 billion) in the past two weeks, indicating that large funds may believe the current price range has long-term value. Meanwhile, the Fusaka upgrade is expected to take place on December 3, which will enhance network data capacity and reduce Layer 2 transaction costs, potentially boosting market confidence in the Ethereum ecosystem.
• Risks and Pressures: Technically, the price is still constrained by the bearish alignment of all major moving averages (such as the 20-day moving average around $3115), forming a "resistance wall". Although there has been inflow of funds into spot ETFs recently, the overall spot market still shows a net outflow of funds. This contradictory situation of "ETF buying and spot selling" has suppressed the price increase.
• Key gaming point: $2800-$2830 is the recent dynamic support area, and a loss may lead to a drop to $2750 or even deeper. The upper range of $2900-$2950 has transformed from support to resistance, and if it can break through with volume, it may trigger a short covering rally, testing the $3000-$3100 area upwards.
⚠️ Comprehensive Risk Warning
1. Event-driven volatility: The results and market interpretation of the Fusaka upgrade (December 3) may trigger an independent market trend. It is recommended that positions be ≤ 5% of total capital before and after the upgrade.
2. Key technical level verification: The support at 2800-2830 USD is the lifeline for short-term bulls and bears. A significant drop below this level may test the range of 2659-2680 USD. A breakthrough of the resistance at 2900-2950 USD requires volume support; otherwise, it is likely to be a false breakout.
3. Capital contradiction: It is necessary to closely monitor whether the trend of spot capital outflow can be reversed. If ETF inflows cannot cover the spot selling pressure, it will be very difficult for prices to rise.
The market is risky, and investment requires caution. The above analysis is based on publicly available data and technical indicators and does not constitute investment advice. $ETH