Overview
- ETH trades near $3,300 with repeated rejections around $3,400, and a Jan. 19 pullback tested the $3,180–$3,200 support area.
- On-chain metrics jumped, with daily transactions near 2.8 million to a new high and active addresses roughly doubling in mid-January to more than 800,000, with some readings above 1.2 million.
- ETH futures activity on Binance spiked to about $21.7 billion in daily volume, the highest since mid-December, indicating heavier leverage and positioning.
- Institutional interest resurfaced as spot ETH ETFs logged large weekly inflows and Tom Lee’s Bitmine disclosed a $65 million purchase.
- Technical views diverge: analysts cite reaccumulation and a prior 3‑day MACD bullish crossover, yet ETH has not reclaimed the 200‑day EMA and some studies warn of bearish patterns with downside risk toward roughly $2,623.