Last night, Ethereum repeatedly charged at the 3240 dollar mark but returned in vain, and at dawn, a needle directly pierced the abyss of 3060—if you are still in shock at this moment, or if you find this rollercoaster market hard to understand, then today’s article is written for you.

I am Old Chen, a veteran in the cryptocurrency world who has experienced the ups and downs for many years, accustomed to the wild fluctuations. Today, I won’t talk about vague analyses; I will give you the most direct truth, the most practical strategies, and my clearest views on the future market.

A Night of Terror: Why 3240 Became an Insurmountable Wall of Sighs?

Last night's market was like a meticulously planned hunt.

The bulls gathered under 3240 for a whole night, charging three times, and being pushed back three times—this is not a technical adjustment; it is a blatant psychological battle. The main force is telling you: 'This way is blocked.'

More dramatically, the early morning spike in prices. The price suddenly broke through the 3120, 3100, and 3080 levels, reaching a low near 3060, clearing billions in long leveraged positions, and then quickly bouncing back.

This spike is not an accident but a precise 'stress test'—testing the strength of buying pressure below while clearing out the indecisive bulls.

Although the current price has returned to around 3180, have you noticed? Above 3180 seems like an invisible wall that pushes back every time it is touched. This is not a coincidence; the main force is telling you: Short-term initiative is still in my hands.

Old Chen's exclusive interpretation: What is the underlying logic behind this market movement?

Where is the direction? What is the market sentiment? Old Chen gives you the answer directly:

Short-term direction: Fluctuating downward, but 3060 is a critical lifeline; as long as 3060 is not effectively broken, the market is still in a high-level fluctuation pattern. However, if it stabilizes above 3220, the short-term trend may turn bullish.

Market sentiment: Extremely polarized, retail investors are in panic, and whales are greedy.

When retail investors panic sell during the early morning spike, on-chain data shows that whales are bottom fishing 2017 ETH at an average price of 3061 USD! Although there are currently small floating losses, this behavior of buying more as prices drop tells you that smart money is positioning itself at a critical level.

Market logic: Dramatic fluctuations are caused by the resonance of two major factors.

Technical resonance pressure: 3240 is not only a psychological level but also a resonance resistance point of multiple technical indicators, including previous highs and Fibonacci key positions.

Institutional attitudes are contradictory: Although recent inflows into Ethereum ETFs have been strong, over 1.2 billion USD flowed out in November, and large funds are still observing the actual effects of the Fusaka upgrade.

Old Chen's private trading strategy: Analyzing support, resistance, and watershed points.

Core support and resistance distribution map:

Old Chen's practical advice:

Survival tip one: Position management is key.

In the current market, a single trade position should not exceed 5%.

Always set stop-loss orders. My suggestion is: for long positions near 3060, set the stop-loss below 3040; for short positions near 3180, set the stop-loss above 3220.

Survival tip two: Identify true and false breakouts.

If the price breaks above 3180, you must see sustained volume to follow up.

If it tests 3060 again, observe whether it stabilizes on the 15-minute line before making a decision.

Survival tip three: Pay attention to three key time points.

Every day from 3-4 AM: The Asian market is closed, and European and American main forces often launch attacks during this period.

Every Friday night: Some leveraged traders close their positions over the weekend, which can lead to fluctuations.

Avoid trading in the 5 minutes before and after major news announcements to prevent spikes.

Advanced mindset: How to continue making profits in such a market?

First, learn to see the main force's cost line.

The main force's cost for Ethereum is currently in the 2920-2980 range. As long as the price is above this, the medium-term trend is not damaged. This is your psychological anchor; do not be scared away by short-term fluctuations.

Second, use extreme emotional values to operate in the opposite direction.

When the market greed index exceeds 75, consider reducing positions; when the panic index is below 25, gradually build positions. This morning during the spike, the market panic index dropped to 22, which is a typical opportunity.

Third, establish your own trading checklist.

Before each operation, ask yourself three questions:

Is the risk-reward ratio of this trade greater than 1:2?

If the price fluctuates in the opposite direction by 2%, what is my stop-loss plan?

At this position, is it more likely that the main force is accumulating or distributing?

Fourth: Old Chen's three principles of never.

Never chase highs and sell lows: Better to miss out than to make a mistake.

Never operate with a full position: Always leave room to deal with black swans.

Never rely on any teacher: including me, Old Chen. My analysis is just a reference; your wallet is your own responsibility.

Old Chen's viewpoint: Ethereum's turning point is coming soon.

Friends, now is a critical time for Ethereum.

On-chain, the whale's bottom-fishing behavior near 3060 is worth noting. Although there are short-term floating losses, their time horizon is often months or even years.

On the news front, although the Fusaka upgrade lacks short-term price catalysts, it will significantly improve Layer 2 experience, and its long-term value should not be ignored.

Old Chen's clear viewpoint is:

If the 3060 support holds, the market may test the 3400-3500 range around mid-December. But if it effectively falls below 3060, it may retest the 2920-2980 main force cost area.

Regardless of how the market moves, remember Old Chen's words: In this market, living long is more important than making quick profits. Do not be fooled by the myth of overnight wealth; stable profits are the highest goal ordinary people can achieve in the cryptocurrency circle.

If you think Old Chen's analysis is helpful, like and share it with your friends, let us huddle together for warmth in this cruel market.

Follow Old Chen; in the next issue, I will reveal how to identify the main force's movements in advance through on-chain data, which could be the key skill for you to achieve excess returns in a bull market.