12.23ETH afternoon price movement prediction analysis

From the current candlestick chart, the ETH price rose to 3043.03 during the day, then started to fluctuate downwards. In the afternoon, the decline continued to expand, reaching a low of 2945.01. The current quote is 2954.31, with short-term bears dominating the market rhythm, and the downtrend is quite evident.

1. Core signals of short-term technical analysis

1. Trend and Pattern: The hourly K-line presents a "high pullback + ladder decline" pattern, continuously closing in the red and breaking through key integer supports such as 3000 and 2980. The moving average system is in a bearish arrangement, and the short-term downward momentum has not significantly diminished.
2. Support and Resistance: The immediate support is at 2950 below, if it breaks, it will further test the 2930-2900 range; the near resistance above is at 2970, with strong resistance at 3000. A rebound needs to break through this level to alleviate bearish pressure.
3. Volume and sentiment: During the decline, the bearish candlestick bodies are expanding, and although there is a slight rebound at low levels, the volume is insufficient, reflecting weak market buying support, and short-term panic selling pressure is still being released.

2. Afternoon price movement prediction

1. Main price movement: In the afternoon, ETH is likely to experience weak fluctuations and consolidation in the 2950-2970 range. If the support at 2950 is broken, the price will test the 2930-2900 range; if it can hold above 2950, there may be a slight rebound, but the height of the rebound is likely to be limited by the resistance zone of 2970-3000, making it difficult to form a trend reversal.
2. Low Probability Movement: If the cryptocurrency market overall experiences capital inflows, positive news stimuli, etc., ETH may quickly rebound and return above 3000, but this situation lacks support from technical and capital perspectives, making the probability of occurrence relatively low.

3. Operational Recommendations

- Short-term traders: Avoid blindly bottom-fishing, wait for a stabilization signal at the 2950 support level; if a rebound occurs to the 2970-3000 resistance zone, you can take a small short position, with the stop-loss set above 3000.
- Medium to long-term traders: Remain on the sidelines, waiting for the downward momentum to weaken (such as the appearance of low-level doji stars, bullish engulfing patterns, and other reversal candlesticks) or for a stable position above the key resistance level of 3000 before reconsidering.
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