1. Market Overview According to the recent 14-day and 48-hour candlestick data of Ethereum (ETH), the current performance of the ETH market shows a weak fluctuation. The latest candlestick data indicates that the current ETH price is at $2964.92 (validated by the latest hourly and daily candlestick data), reflecting a limited rebound after a rapid decline in the previous days, demonstrating a stalemate between bulls and bears in the short term. The highest point in the daily range is 3077.39 (the highest value in 14 days), and the lowest point is 2775.19, indicating a large overall volatility, with frequent switches between recent lows and highs. In addition, the trading volume within 48 hours shows significant fluctuations, with large transactions concentrated during the downtrend, indicating that there is capital gaming at major support areas in the market. Overall sentiment shows that although some on-chain data supports a strong mid-to-long-term outlook for ETH, there is significant pressure on the funding side in the short term. Based on relevant information and analysis, ETH is facing repeated tests to return to the $3000 level in the near term, with a decrease in market risk appetite, and some institutional operations have caused liquidity disturbances. Analysts generally believe that the trend is complex, stating that "the ETH spot strategy has fully entered the market, with an average price of 4485. Those with small positions should hold on, and those with larger positions can temporarily exit in the 4410-4485 range," clearly expressing short-term operational suggestions and reflecting the current market's cautious attitude towards the sustainability of the rebound. 2. Technical Analysis From the 14-day candlestick data, the ETH price has shown a continuous correction from a high of 3324.14, forming a downward channel over the past 10 days. The lowest point in the range, 2775.19, appeared after the previous large bearish candlestick. Although there have been recent attempts to rebound, the price has not effectively broken through the central resistance in the 3000-3020 range. Key support is around 2900 and 2857—2900 has been confirmed as a defensive level for several days, and 2857 is the lowest level in 14 days. In terms of resistance, the price must break through the high point areas of the last three trading days at 2965, 2990, and 3020 in the short term. The range from 3020 to 3077 is the mid-to-long-term pressure zone on the daily chart. Further observation from the 48-hour candlestick shows that the price has repeatedly oscillated around 2960. The lowest point in the last 10 hours was 2931.06, with the rebound relying on pressure above 2969.75. The range of 2975-2980 serves as a short-term high point, and no effective breakthrough has been established. In terms of trading volume, the maximum single-hour volume occurred during the downtrend at 2928.59 and the struggle at the 2965 level, with bulls slightly increasing at low levels, and the lower support has not been completely breached. The overall trend shows weak consolidation, with support nearing frequent testing, limited rebound strength, and a need to focus on the sustainability of the breakout in the 2980-3020 range. If it breaks below 2900, the mid-term risks on the daily chart will increase. 3. News and Policy Interpretation From past and recent news, "BitMine has increased its holdings by 1678 ETH" and "BitMine has acquired 31750 ETH from FalconX" have become focal points of market attention in a short time. Corresponding to the candlestick chart, after the news above, the price lingered in the 2960-2980 range, without significant sustained increases, indicating that the market reacted cautiously to the institutional accumulation actions, or it has already been priced in. Recently, the market has also conveyed positive data showing stable Ethereum staking, and strong demand for B2B and P2B payments, but this has not been able to drive prices out of high-pressure zones, corroborating the short-term tug-of-war between bulls and bears. On the policy front, statistics indicate that there have been no new policies introduced in the last 24 hours, the last week, or the last month, suggesting that current market sentiment is mainly driven by liquidity and on-chain capital flow, lacking external policy impacts, whether positive or negative, in the short term. 4. Analyst Opinions Analysts' opinions emphasize significant structural resistance, highlighting that "the ETH spot strategy has fully entered the market... those with larger positions can temporarily exit in the 4410-4485 range," and "ETH has returned above the cost line of 4020, and those with heavy positions can exit directly... short-term still faces considerable pressure." These opinions reflect the weak market sentiment and caution towards external downside risks after repeatedly breaking important technical levels. Actual candlestick data also confirms analysts' judgments that "the lower line has broken, the 4-hour Vegas has been providing support, and there have also been breaches," indicating insufficient continuity in short-term rebounds, with strong resistance at 3020-3077 and support at 2900 and 2857. Some opinions mention operational ranges such as "average price raised to around 4020" and "4135, 4250 batch profit-taking exit," which are significantly higher than the current 2964-2970 range, indicating a lack of confidence in the future market, with many waiting for new signals to stop losses or take profits. 5. Future Trend Predictions and Operational Suggestions Based on candlestick trends and trading analysis, ETH shows significant characteristics of weak consolidation in the short term, with 2980-3020 constituting the first resistance zone. If a volume breakout occurs, attention can shift to 3050 and above; if it breaks below 2900, 2857 will be the key support, and a breach will have the risk of an expanded correction. It is suggested that short-term investors with light positions can cautiously accumulate at low levels, but those with larger positions should remain flexible, reducing positions in batches in the 2980-3020 range while waiting for confirmation, and avoid blindly chasing highs. Current market conditions do not rule out repeated fluctuations, so patience is needed to await directional choices. 6. Risk Warning According to candlestick fluctuations and existing trading volumes, ETH's volatility has increased, with downward movements and rebounds occurring without volume and easily influenced by large capital flows. If there is a rapid break below 2900 or a continuous close below the 2857 line, it may trigger a secondary risk release. It is advised that investors strictly control leverage and positions, set stop-loss levels, and be wary of sudden risks from large institutional actions. Additionally, there are currently no external protective factors from the policy front, so attention should be focused on liquidity and changes in market sentiment. Be cautious of sudden sharp fluctuations that may lead to asset losses.