As of the afternoon of December 27, 2025, Ethereum continues to fluctuate around $2920-$2930. During the early session, it briefly surged toward $2990 but encountered selling pressure and pulled back. The overall trend shows weak oscillations, with the core battle still centered in the $2900-$3000 range, where selling pressure above is quite evident.

From a technical perspective, the daily chart's long upper shadow clearly demonstrates how heavy the selling pressure is at the $3000 round number. The current price approaches the support zone around $2920-$2925, which was a previous low; a break below this level would open the way to deeper support at $2850-$2860. The key resistance levels are above $2980-$3000 (the previous rebound high plus the round number). If a breakout occurs above this, it will face strong resistance at the $2980-$3000 line, and further upward movement could be stalled at $3040-$3050.

After the Christmas holiday, market liquidity remains insufficient, with trading volume significantly subdued, leading to a stalemate between bulls and bears. The deleveraging process in perpetual contracts is still ongoing, which actually limits the scope for a sharp decline, constraining the movement within a relatively narrow range.

On the hourly chart, the RSI reads about 43, indicating weak momentum during rebounds and making it easy to be suppressed again. The 4-hour chart shows a typical range-bound consolidation with no volume-driven breakout above $2980. The hourly RSI is also relatively weak, so a rebound followed by a pullback is almost an inevitable rhythm.

Fundamentally, there are some contradictions. On one hand, the Ethereum holdings on exchanges are relatively low, and the chips are somewhat tight; institutional staking (such as the 74,880 ETH staked by certain institutions) can provide long-term locked-in support. On the other hand, year-end liquidity is tight, and macro sentiment remains cautious. Although there is some capital inflow into Ethereum ETFs, it is not strong enough to reverse the weak trend, and recently, no clear bullish trigger points have emerged.

Several risks should be watched: liquidity is already limited during the holiday period, so sudden market volatility could amplify risks; if Bitcoin weakens, it could easily drag down the entire market; retail traders chasing highs and selling lows in this volatile environment risk liquidation and losses.

In practical trading, spot investors should mainly adopt a cautious, light-position approach. Once signs of stabilization appear around $2900, small long positions can be attempted with a stop-loss at $2870. If the price rebounds to $2980-$3000, reducing positions in stages is wiser, with a target profit set around $3030. For futures trading, patience is key; in a volatile market, chasing highs and selling lows is the biggest mistake. High and low buying and selling is the right approach, and keeping positions within 30% is the safest.