Ethereum (ETH) experienced a significant market test on January 19, 2026, as its price fell 2.25% to $3,208, triggering over $119 million in long liquidations within 24 hours. Despite the decline, ETH managed to hold above a critical technical support cluster formed by the 20-day and 50-day Exponential Moving Averages (EMAs), which converge between $3,165 and $3,187.
The selloff tested the lower boundary of a multi-week symmetrical triangle pattern, a technical formation that suggests a period of consolidation before a potential breakout. While the price action appeared bearish, on-chain data revealed a more nuanced picture. Spot exchange inflows of $21.91 million indicated that buyers were actively accumulating ETH during the dip, creating a potential divergence between price action and investor sentiment.
Trading volume surged by 139% during the period, reflecting aggressive repositioning in the market. From a technical analysis perspective, the hourly chart showed a false breakout above the local resistance level of $3,231. Analysts suggest that a daily close above this mark could lead to a test of the $3,250 zone. However, the longer-term outlook remains cautious for bulls, as a sustained rise is only considered likely if ETH can firmly break above the $3,447 resistance level.
With falling volume on mid-term charts and neither bulls nor bears establishing clear dominance, the most probable scenario for the remainder of the month is continued sideways trading around current price levels. At press time, Ethereum was trading at $3,218.
