📊 Latest market situation of Ethereum #ETH at midday on November 29

Current market factors are intertwined with both bullish and bearish influences:
• Positive factors: Recent net inflows into Ethereum spot ETFs have been observed, such as an inflow of 60.82 million USD on November 26, which supports the price. At the same time, the staking ecosystem has locked a large amount of circulating supply (surpassing 35 million ETH, accounting for 28.3% of the total supply), tightening the supply that can contribute to the downward space. From a technical perspective, after rebounding from the low of 2631 USD on November 21, the price has formed a short-term ascending channel structure on the 4-hour level.
• Risks and Pressure: On the daily level, the price is still under pressure from the bearish arrangement of the moving average system, with the 20-day moving average (around $3115) and the 50-day moving average (around $3481) forming strong resistance above. More noteworthy is the significant selling pressure in the 3100-3150 USD area, which has repeatedly prevented the price from rising. Furthermore, despite capital inflows, the overall capital in the spot market is still net outflow, indicating that some investors have a strong willingness to reduce holdings at high prices.
In simple terms: market sentiment is cautious, with prices oscillating below key resistance levels. If it can break through the strong resistance zone of 3100-3150 USD with volume, it may further test the range of 3180-3250 USD; conversely, if it effectively breaks below the support area of 2950-2980 USD, it may drop to the support levels of 2870-2900 USD or even deeper.
⚠️ Comprehensive Risk Warning
1. Key level verification: The support at 2950-2980 USD is the short-term lifeline for bulls and bears. If it is broken with high volume, it may test the range of 2870-2900 USD; a breakout above the resistance at 3100-3150 USD requires volume support, otherwise it is likely to be a false breakout.
2. Event-driven volatility: The decisions and subsequent policy guidance from the Federal Reserve's interest rate meeting in December (expected around December 10) will be key influencing factors, potentially triggering significant market fluctuations. It is recommended to strictly control positions before the event.
3. On-chain monitoring: It is necessary to closely monitor the net inflow/outflow situation of the exchange (a sudden increase indicates selling pressure) as well as the continuity of ETF fund flows.
@CryptoNavigatorFeiyu The market has risks, and investments should be made cautiously. The above analysis is based on public data and technical indicators and does not constitute investment advice. $ETH