#数字货币市场洞察 Today let's talk about ETH's price action on December 5th, combining market performance and technical analysis for a breakdown.

First, let's look at the price action. Yesterday, ETH ran up to the 3240 level and hit resistance, then started to pull back as overbought signals appeared. It dipped along with BTC in the evening, dropping as low as 3064. Fortunately, there was solid buying support at that level, and now it's bounced back to around 3150. Looking at the hourly RSI, it's climbed from an extremely oversold 35 up to 55, so the correction is basically complete. But after rebounding to 3150, the momentum has clearly weakened, trading volume has shrunk significantly, and more traders are on the sidelines.

The technical setup is interesting. The daily candle closed with a long lower wick and higher lows, suggesting buyers haven't fully retreated and 3064 remains solid support. On the upside, 3180 to 3220 is a key resistance zone, and yesterday's high at 3240 is a tough barrier; if 3150 doesn't hold, keep an eye on the 3100 round number and the previous low at 3064. Only a breakout above 3240 can push things higher.

On the fundamentals side, there are some positive signals. The Fusaka upgrade went live on December 4th, which directly lowered Layer2 fees and added detailed optimizations like Face ID signing. Also, on December 1st, the ETH ETF saw a net inflow of $180 million in a single day, with institutional holdings now over $13 billion. Long-term capital is still entering the market.

But in the short term, ETH will still follow the broader market's lead, as major coins are highly correlated. While institutional funds are entering, the pace isn't fast. Overall, it looks like ETH will most likely remain in a consolidation range for now, waiting for a breakout direction. $ETH