It might be time to consider a contrarian move with this ETH wave.

There's still regulatory pressure, and the foundation keeps selling; most of the positive news has already been priced in. Take a look at the market on December 5—

The current price is stuck around $3,156, with a 24-hour pullback of 1.8%. In the early hours today, it broke straight through $3,100. Even though it pushed past $3,200 on December 4, the momentum clearly wasn’t enough.

From a technical perspective, the $3,150 level needs to be watched closely.

At this point, bullish momentum is weakening and bearish sentiment is building. The selling pressure from the foundation hasn’t been fully absorbed yet, and there’s no clear regulatory catalyst in the short term. Last month’s gains have already priced in a lot of expectations, so we could see a correction coming up.

For short-term trades, holding $3,150 is key. If that breaks, the next support level could be down near $3,000.