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.
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