January 29 News, Ethereum (ETH) once again fell below the $3000 level, with the current price hovering around $2940, down more than 14% from the previous high of approximately $3400. Technical analysis shows that sellers have built a strong resistance zone above $3000, and in the short term, the price still faces downside risks.
This round of correction occurs against a backdrop of intertwined macro and geopolitical factors. The Federal Reserve kept interest rates unchanged at this year’s first policy meeting, while tensions in the Middle East have boosted risk aversion sentiment, putting pressure on risk assets. ETH subsequently broke below a key support level and officially confirmed a downward breakout from the symmetrical triangle pattern.
From a chart perspective, ETH briefly rebounded after breaking below the downtrend line last week, but encountered selling pressure at the resistance zone that was formerly support, resulting in a failed retest. Such movements are often seen in technical analysis as “resistance confirmation,” indicating that the bearish momentum still dominates. If this pattern continues, the price in mid-February could target a measured move around $2250, with a potential decline of about 25%.
However, bulls are not without opportunities. If ETH can re-establish above the lower trendline of the triangle and break through the $3065 area near the 200-day moving average, and recover the long-term resistance at the 50-day moving average, this could be seen as a failed breakdown, and market sentiment may improve significantly. Historically, ETH experienced a similar structure in 2024, followed by a rebound after key moving averages were reclaimed.
From a medium- to long-term perspective, some institutions and analysts remain bullish. Annie believes that as the Wyckoff accumulation model gradually manifests, Ethereum could have room to rise to $10,000 by 2026; Standard Chartered’s target is $7,500. The gap between short-term volatility and long-term vision is currently the core focus of ETH market debates.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
ETH Liquidation Cascade: $499M in Short Positions at Risk If Ether Breaks $2,417
Gate News message, April 26 — According to Coinglass data, if Ethereum breaks above $2,417, cumulative short position liquidations across major centralized exchanges would reach $499 million. Conversely, if ETH drops below $2,213, cumulative long position liquidations would reach $499 million.
GateNews12m ago
Aave, Kelp, LayerZero Seek Arbitrum DAO Approval to Release $71M Frozen ETH for rsETH Recovery
Gate News message, April 26 — Aave Labs, Kelp DAO, LayerZero, EtherFi, and Compound filed a Constitutional AIP on the Arbitrum forum Saturday morning requesting the network's DAO release approximately $71 million in frozen ETH to support rsETH recovery efforts. The proposal seeks to
GateNews1h ago
CEX Exploiter Converts 21,000 ETH Worth $48.72M to Bitcoin Over Three Days
Gate News message, The CEX Exploiter has exchanged 21,000 ETH valued at $48.72 million for 617.43 BTC at a price of $0.0294 over the past three days. The hacker currently holds 1,000 ETH worth $2.32 million.
GateNews3h ago
Dormant Whale Wallet Buys 3,017 ETH for $7M After 1.6 Years of Inactivity
Gate News message, April 26 — A dormant whale wallet has resumed activity after 1.6 years of inactivity, purchasing 3,017 ETH for $7 million at an average price of $2,320 per coin, according to Onchain Lens monitoring data.
Over the past two days, the whale has accumulated a total of 7,300 ETH
GateNews3h ago
Ethereum Developer Proposes EIP-8182 to Enhance Network Privacy Through Protocol-Level Changes
Gate News message, April 25 — Ethereum developer Tom Lehman has released a draft proposal, EIP-8182, aimed at significantly enhancing privacy on the Ethereum network through protocol-level changes. The proposal introduces a "shared shielding pool" mechanism directly integrated into the Ethereum prot
GateNews6h ago
Ethereum Foundation Sells $24M ETH to Tom Lee's Bitmine
The Ethereum Foundation sold 10,000 ether to Bitmine Immersion Technologies on Friday, according to the foundation's announcement. The over-the-counter transaction was completed at an average price of $2,387 per ETH, totaling nearly $24 million. Bitmine, the digital asset treasury led by Chairman
CryptoFrontier7h ago
