#数字资产市场洞察 12.17 ETH Midday Report: What Opportunities Are Hidden in the Downtrend Channel?

**Market Breakdown: Bulls and Bears in Fierce Battle**

ETH is still bouncing within the downward channel starting at 3170. On the daily chart, the MA5 and MA10 are pressing down from the top, and the candlesticks are hugging below all moving averages. Interestingly, the 4-hour double bottom at 2870 is holding quite firmly—this is a strong support line that short-term cannot break.

Two key defense lines: one is the bullish support at 2870-2890 (it rebounded immediately after a dip yesterday, showing resilience), and the other is the bearish fortress— the middle band of the 3000 and 3070 Bollinger Bands. Multiple rebounds have been stopped here, with no breakthroughs yet.

BTC is stable around 87,500, closely tracking ETH. The fear index is approaching the "Extreme Fear" level, but the US stock and crypto sector, like Hut8, has risen nearly 4%, indicating some bottom support signals.

Indicator overview: The 4-hour RSI is climbing out of oversold territory, and the MACD shows signs of a bullish crossover below zero; the 1-hour Bollinger Bands are narrowing, and after consolidation during the day, volatility is likely ahead.

**Core Judgment: Consolidation and Repair, No Reversal Expected**

The 2920-3030 range is the battleground—support below, resistance above. Bulls and bears are exhausting each other here; small rebounds are insufficient to break the deadlock. Until there's a clear direction, don’t expect a one-sided trend; consolidation will be the main theme moving forward.

**Entry Strategies (Focus on Precise Levels)**

For longs: buy low at 2900-2930, referencing yesterday’s pullback low, with the first target at 2980-3000. Don’t chase high.

For shorts: open positions at 3020-3050, as the previous support now becomes resistance. When a rebound reaches this zone, it’s an opportunity; the first target is 2960-2950. Avoid chasing after the move.

The market is still waiting for a clear direction.