Ethereum (ETHUSDT) has experienced a bearish breakdown below its former key support at the 3200 region, invalidating the previous bullish expectation of rallying towards 3500. The market has now shifted to a consolidation phase, with current price action indicating potential movement between 2900 and 3200. Further downside to the 2850 area is considered possible due to existing market imbalances. For a renewed upward rally, ETHUSDT would need to decisively break and hold above the 3200 resistance level. Concurrently, Ethereum's performance against Bitcoin (ETHBTC) is exhibiting weakness. While technically maintaining an uptrend, ETHBTC must reclaim the 0.035 level to prevent further consolidation and underperformance relative to Bitcoin. Given the prevailing market conditions and historical trends for the latter half of December, a significant upward momentum for Ethereum is not anticipated without substantial fundamental or technical catalysts. Therefore, a short-term bearish bias within a defined consolidation range is the current outlook.