ETH Faces Potential Decline: Will It Hold Above $2,930?

Critical Support Level: Ethereum's price is currently near the crucial support level of $2,930, with a monthly close above this point being essential to avoid further losses, potentially dropping to $2,000 or even $1,100 if it fails to hold.

Market Dynamics: The market shows thinning sell-side liquidity below $2,900, which may limit downside pressure, but weak buying interest could hinder upward momentum, creating conditions for a potential price squeeze.

Bullish Pattern Validity: An inverse head and shoulders pattern is forming, remaining valid as long as Ethereum continues to make higher lows, with a potential target of $3,591 if the pattern confirms.

Traders' Focus: With the end of December approaching, traders are closely monitoring Ethereum's monthly close, as holding above $2,930 would support bullish scenarios, while a close below could lead to further declines.