Ethereum's price is currently locked around 2927, with obvious compression in both directions. Looking upward, 2988 is a short-term resistance level; looking downward, 2897 acts as support. Within this narrow 90-point range, bulls and bears are vying for dominance.

From a technical perspective, the situation is somewhat complex. The daily trend still points downward, but on the hourly level, a consolidation platform is forming. This conflicting signal often indicates an impending turning point — it could continue to decline or rebound from the bottom.

What do the indicators say? The 4-hour RSI(66.3) has already shown that the rebound momentum is waning, while the daily RSI(34.5) suggests that the bears have not fully exhausted their strength. Market sentiment is currently "neutral to slightly weak," but the risk level remains relatively high.

Two key price points to watch:

First is 2897.60 — a resonance support at the 1-hour and 4-hour levels. A break below this would confirm a continuation of the downtrend, potentially leading to deeper corrections.

Second is 2988.14 — a short-term resistance. Breaking through this level would break the hourly resistance, leaving more room for a rebound, and the previous downtrend structure would be invalidated.

From this perspective, the market's direction over the next 24 hours depends on whether the price can break either of these two critical levels. The true battle between bulls and bears is unfolding within this narrow range.