Ethereum (ETH) is trading near $3,093, consolidating within a triangle pattern after recording $13.59 million in spot inflows on January 11. This marks a reversal from the distribution pattern that pressured ETH throughout December, signaling potential accumulation by investors.
Technical analysis shows the price is holding above the $3,080 support level and the 100-hourly Simple Moving Average. There was a break above a contracting triangle with resistance at $3,125 on the hourly chart, but the token faces immediate resistance near $3,150 and a key hurdle at the $3,180 level. A clear move above the $3,200-$3,220 resistance zone could propel ETH toward $3,250 and potentially $3,300. Conversely, failure to clear $3,180 could trigger a fresh decline toward the $3,050-$3,000 support region.
Market data reveals open interest climbed 0.83% to $40.37 billion, while trading volume collapsed by 69%, indicating stable positioning ahead of a potential pattern resolution. The long/short ratio on Binance hit 2.52, showing traders are positioning for a breakout. However, the price remains below the Supertrend resistance at $3,296.
Analysts maintain bullish long-term targets for ETH, ranging between $4,000 and $9,000 for 2026, with network upgrade catalysts on the horizon providing fundamental support.
