The bulls and bears showdown tonight: Ethereum is trapped between 2920-2980. Which side will it break?

The core contradiction in tonight's Ethereum (ETH) price movement is reflected in the interplay between the long-term bearish trend and the hourly technical rebound demand.
Core Signal Analysis
· 15-Minute Chart: As previously analyzed, the core contradiction in tonight's Ethereum (ETH) movement is reflected in the mutual struggle between the long-term bearish trend and the hourly technical rebound demand.
Core Signal Analysis
· 15-Minute Chart: As previously analyzed, this cycle showed a "MACD golden cross below zero," while the KDJ indicator displayed a serious overbought divergence, forming a typical "small-cycle bottom divergence" pattern, indicating a short-term technical rebound and correction demand.
· Larger Cycle Trend: The current overall technical outlook shows a "strong sell" stance, with the daily and 4-hour bearish trends clearly dominant. The MACD indicator remains in negative territory, largely limiting the height and duration of any rebound.
Key Price Levels
· Resistance Above: The first resistance level facing the rebound is around 2940-2950. A stronger resistance zone is at 2980-3000, where multiple cycle moving averages and psychological levels overlap.
· Support Below: Recent support is at the current platform of 2915-2920. The key psychological and technical support level is at 2900. If this level is broken, the market may open further downside space.
Overall Judgment
The market is currently in a weak oscillation phase under a bearish pattern. For tonight's trading, a more reasonable strategy is to patiently wait for the price to rebound to the strong resistance zone of 2970-3000, then observe whether there is an opportunity to short at the high. If the price stabilizes around 2920 and the 15-minute MACD momentum strengthens again, aggressive traders may consider a light position to attempt a rebound, targeting the 2940-2950 area, but must set strict stop-losses during this process.