Ethereum Afternoon Market Data Analysis and Short-term Strategy

From the current market data, Ethereum is in a clear narrow fluctuation pattern, with the price hovering around 2980. The K-line at 1 PM closed at 2980.39, with a decrease of 0.07% and an amplitude of only 0.33%. Both bulls and bears have temporarily entered a stalemate. However, beneath this deadlock, technical indicators have issued key signals.

Support and Resistance: The Bollinger Bands indicator clearly outlines the current framework. The upper band at 3075.09 and the lower band at 2959.49 form a wide channel, while the middle band at 3017.29 serves as the primary resistance. The current price of 2980.39 is situated between the middle band and the lower band, indicating a weak oscillation range.
Volume Shrinkage: The current trading volume is only 41,056.7, far below the 5-day and 10-day averages, indicating a lack of activity in the market and a lack of directional momentum. This kind of shrinkage usually signifies that a change in trend is imminent.
There is local small platform resistance around 2990, while the support at the low point of 2970 has been tested multiple times recently.

In summary, the price is operating below the key moving averages, and the rebound is lacking volume, indicating a short-term bearish structure. Therefore, the strategy suggests adopting a rebound shorting approach rather than a bottom fishing long position.
Short selling entry range: 2985 - 2995, this range is the pressure level of the previous small platform and is also close to the opening price of the 13 o'clock candlestick. If the price rebounds from the current low to this level, it will again test the effective pressure below the middle track of the Bollinger Bands, making it a relatively good short position.
Set the stop loss at 3018, slightly above the Bollinger Band middle track at 3017.29. If the price strongly breaks through the middle track, the short-term weak pattern will be disrupted, and short positions must exit.
Downward target:
$ETH First target: 2955. Look towards the lower Bollinger Band around 2959.49.
Second target: 2940. Extension target after breaking below the lower Bollinger Band.

If the price breaks the 2970 support directly without rebounding and with increased volume, the bearish momentum will strengthen, and one could consider shorting with a light position, but the stop-loss must be strictly set above 2980. Conversely, if the price unexpectedly breaks through and stabilizes above 3018 with strong volume, one should abandon the shorting idea and switch to a wait-and-see approach. The current market volatility is narrowing, so it is essential to operate with a light position and strict stop-loss.