This market situation is really frustrating. Ethereum has been bouncing back and forth between 2970 and 3020, essentially engaging in "the art of sideways trading" all night. Both bulls and bears are tightly blocked, neither side gaining the upper hand. On the surface, it looks calm and peaceful, but do you feel that? It’s like before a storm, when the air becomes so oppressive you can hardly breathe—this kind of situation often signals that a big move is coming.

The market is currently a big contradiction. On one hand, inflation data continues to weaken, and Wall Street folks are saying that policy might loosen, which should be a positive signal; on the other hand, liquidity remains tight, and funds are still scarce. So what happens? The good and bad news cancel each other out, and the price gets stuck in the middle, unable to move freely, caught in a dilemma. This balance looks stable but is actually fragile—just one straw could break the camel’s back.

Let’s look at what the technicals are telling us. Three key points:

**First, the triangle convergence dilemma**: On the 1-hour chart, ETH’s price is being squeezed tighter and tighter into a triangle, resembling difficulty in breathing. This pattern indicates a breakout is imminent, and once it happens, the move will likely be strong.

**Second, severe lack of energy**: The MACD indicator shows the fast and slow lines repeatedly tangled around the zero line, with the histogram almost gone. What does this mean? Both bulls and bears are exhausting themselves here, with no strength left. It’s now about whether external forces can intervene to break this deadlock.

**Third, clear support and resistance levels**: The key support is at 2820-2800. If this breaks, a move down to 2740 or even 2620 is highly probable. On the upside, the first resistance zone is at 3025-3070. If broken through, then 3150-3180 becomes the real tough nut to crack.

In the short term, both the bottom support and the top resistance are very clear. It all depends on who can’t hold up first. This market stalemate often signals that a directional move is about to happen.