ETH is fluctuating and weakening. Can the key support at 2977 hold?

[Crypto World] ETH’s price movement over the past 4 hours has been a bit tangled. Since December 4, the price has been repeatedly fluctuating between 2740.8 and 3210.13. Although there was a slight increase at 16:00 compared to 12:00, overall it’s still down quite a bit from the day before.

Looking at the candlestick pattern, the latest candle is bearish, with a bearish engulfing formation. Trading volume is shrinking as well—falling price with decreasing volume is a typical sign of a quiet market. From a technical perspective: the MACD histogram remains negative and is extending further, with the bears clearly in control; KDJ is hovering around 48, showing no clear direction; although the MA10 is still pressing down on the MA30, the downtrend is already in place.

For key levels, watch if the support around 2977 can hold; next buy zones are at 2870 and 2744. Upside resistance is at 3249—a breakout above that could open up more possibilities. For long positions, set a stop-loss below 2727; for shorts, a stop-loss above 3226 would be more prudent. At the current level, waiting and watching may be wiser than jumping in blindly.