Ethereum’s Rollercoaster: Will $2,850 Save or Sink ETH?

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So, Ethereum is playing hard to get again, refusing to jump back over the mythical $3,000 mark. This threshold, which once seemed like the gate to crypto paradise, is now more like an annoyed bouncer at a nightclub-snarling at ETH every time it tries to slip past. Past cycles show that when Ethereum can’t charm the big number, it tends to settle into a dull, prolonged snooze-kind of like a teenager avoiding eye contact after breaking curfew. Right now, ETH is nervously sitting below its old friend, trend support, signaling a cautious shrug rather than a bullish cheerleader.

Short-Term Price Action Below $3,000

Currently, ETH is flirting near $2,932-about $68 below the big three thousand-and, as of January 23, 2026, it’s down around 2%. After a dramatic breakup with its upward trendline-cue the sad violin-Ethereum has repeatedly flirted with $3,000, each rejection feeling more like a punch to the pride than a market correction. That level has become the financial equivalent of your high school crush ignoring you after a dance; painfully familiar and just as unhelpful.

Market analyst TedPillows (yes, Ted Pillow-because nothing says ‘serious’ like a name that sounds like a mattress) points out that Ethereum might soon sweep the liquidity pit around $2,800-$2,850. Think of it as Ethereum’s way of testing the waters-“Will you let me in if I bring snacks?”-before making its next big move.

Liquidity Sweep and Market Positioning

Derivatives folks, those mysterious creatures dealing in futures and pretend money, suggest that ETH still faces risks lurking in the shadows. With long/short ratios lingering near 3.38-implying bullish ambitions that are becoming increasingly delusional-about $44 million has been liquidated in recent days. Nothing like watching your hopes evaporate faster than your last leftover pizza.

Furthermore, Ethereum has slipped below $2,875, triggering a “Change of Character” (or CHOCH-because why not add a bit of technical jargon to your Tuesday?)-a sign that the momentum is shifting, or at least pretending to be. It’s not a full reversal just yet, but it’s like noticing the waiter’s eyeing your table-better pay attention, or you’ll be left with an empty plate and an empty wallet.

Intraday Structure and Key Levels

If you peek at the 1-hour ETH/USDT chart-which sounds like a fancy cocktail-support hovers around $2,900, while resistance tries to keep ETH in check at $3,100. DonnieBitcoin (also apparently a real person) reminds us that “patience on structure is key,” which is trader-speak for “don’t get too excited unless ETH suddenly pulls a rabbit out of the hat.”

If $2,850 manages to hold its ground-like that one friend who always shows up early-ETH might just rebound towards $3,060-$3,200. But if it crumbles below this line of hopeful resistance, don’t be surprised if we’re talking about lower lows-because who doesn’t love a good downturn?

Breaker Block and Trade Structure

Ethereum currently sits above a “breaker block”-a fancy term for a support zone that used to be resistance. Think of it as the house party where the guy you didn’t like kept calling it his “fortress of solitude,” only for you to storm in and take over. If ETH can defend this territory, perhaps the bulls still have something to say; if not, prepare for a walk back to sub-$2,900 territory.

Acceptance below $2,900 would be like failing an almost-too-easy quiz-it signals sellers are still in charge, and the lower support zones are just waiting for ETH to slip into their waiting arms.

Technical Analysis

  • ETH has dropped out of its rising channel, ending the party on the bullish momentum. Think of it as losing the game of musical chairs at the resistance zone of $3,050-$3,080.
  • It’s now bouncing between $2,880 and $2,920-like a pinball in the support and resistance zones, shallow and aimless.
  • If volume picks up and support fails, ETH might just make a new, less exciting low around $2,800-like your uncle’s last-minute decision to leave the party early.

Over the past week, ETH has dipped roughly 10.75%, proving that even crypto cannot escape the gravity of bad news. On the bright side, on a 30-day horizon, it’s still slightly ahead-probably just to keep us from losing faith entirely. Technical indicators are a mixed bag-like trying to decide between sushi and pizza-and seem to whisper, “Caution, please.”

Looking forward, trends like regulatory clarity (imagine that!), protocol upgrades (more updates to break your brain), and Ethereum’s growing role in asset tokenization (sounds fancy, right?) will shape 2025’s price dance. But for now, enthusiasts are just hoping Ethereum can stand its ground, defend the support, and maybe-just maybe-try to convince us it’s still worth more than a meme coin.

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2026-01-23 23:52