Recently, the Ethereum market has indeed been a bit dull. On December 23rd, ETH fell to around $2964, following the entire market downwards. It has been struggling below $3000 for quite a while, neither going up nor experiencing a big dump, and the Trading Volume is still very sluggish. It seems that both long positions and short positions are waiting for a clear signal to emerge.

However, there is an interesting phenomenon - the futures market has become active. The open interest in Ethereum futures has significantly increased, with many traders positioning themselves in advance, betting that there will be waves ahead. No matter where the price goes, big fluctuations are almost a certainty.

At the same time, the actions of institutional funds are more noteworthy. Large funds and companies are continuously buying Ethereum, some using spot purchases, while others are leveraging through DeFi lending. These players are optimistic about the long-term ecology and application prospects of Ethereum. Such funds are usually long-term players and can provide some support for market sentiment.

But here I also have to pour some cold water. From a technical perspective, Ethereum has formed a "head and shoulders" pattern in the short term, which is a weak signal. Once it falls below the key support of $2800, it may continue to探底, and it is even possible to go down to $2600 or $2400.

A brief summary of the two key points at the moment:

Stay above $2800 - there is a good chance of a rebound, expected to push towards $3000.
Fell below $2800 - risk escalates, short-term pressure will be significant.

For friends entering the market, this position is not very suitable for chasing the rise. The wisest approach is to patiently observe whether the support at 2800 USD can hold, and wait until the direction is truly clear before taking action.