Looking at the recent trend of $ETH, the technical aspects do reveal some signals. The level of 2990 is quite strong; the price has repeatedly tested this point but has not been able to break through, instead falling directly from the high of 2989 to around 2960, with a clear bearish upper wick appearing on the hourly chart — this indicates that long positions are losing strength here.

What is more concerning is that the ascending trend line was breached in the early morning, and the short-term upward momentum is clearly weakening. The current resistance level has shifted down to the range of 2970-2980. Ironically, this was once the support during the decline, but now it has turned into resistance.
The upcoming trend framework is actually very clear: if the price rebounds to around 2970 and still cannot hold, then the lower support zone of 2940-2950 will be re-examined. Once it breaks below this level, 2920-2900 will be directly exposed to downside risks.
From a trading perspective, a pullback near 2970 can be considered a point for light shorting, but the stop loss cannot be saved and should be placed above 2995. The key is to observe the price's reaction to 2970 and whether it can stabilize below 2960 - the market is still oscillating in a high position area, and the risk of a false breakout is always present. Position management must be strict to avoid being trapped by the market.