Ethereum (ETH) staged a swift recovery, reclaiming the crucial $3,000 psychological level during Asian trading on Wednesday, January 28, 2026. The asset gained 2.6% on the day to reach $3,028, having spent only six days below the $3,000 mark. Analysts now eye the next resistance zone at $3,100.
Analyst Michaël van de Poppe of MN Fund highlighted the speed of the rebound, noting ETH has "almost entirely reclaimed the losses of last week against Bitcoin." He called this "a strong signal" and suggested more upside is likely as the asset holds a crucial support level.
On-chain data provides context for the move. Glassnode analyst Chris Beamish reported that Ether is "trading on a dense cost basis cluster, a key breakeven zone for many holders." He stated that holding this level suggests absorption and base building, but a breakdown could lead to a move into thinner support zones.
Fundamental metrics appear robust. Santiment reported a record-breaking milestone: Ethereum's number of non-empty wallets has ballooned to over 175 million, the highest among all cryptocurrencies. The analytics firm noted that as staking interest remains strong, especially in sideways markets, exchange supply continues to shrink.
Staking demand is a key pillar of strength. Charles Allen, CEO of Blockchain Technology Consensus Solutions, reported that over the past month, staking withdrawal wait times have dropped to about one day, while the deposit queue has grown to more than 54 days. "In simple terms, far more people and companies want to stake ETH than exit. This is a strong signal for network security and validator participation," Allen said.
Institutional accumulation is another significant factor. Asset manager Bitwise reported that in the last quarter, companies purchased more than 1 million ETH, worth approximately $3.5 billion. The number of public companies holding ETH increased by 40%, and corporate holdings now account for 5% of all Ethereum.
