Ethereum

bullish

2026

BATMAN

Daily

Ethereum (ETH) is trading around a critically important zone after retreating from $3,300. This asset is holding at around $3,200 after a clean retest of a previous trendline, which had been serving as resistance. 
Daily trading volume has risen sharply, now at over $27 billion, a 128% increase from the previous day. ETH has moved between $3,190 and $3,360 in the past 24 hours and remains up 3.3% on the week. It is currently 35% below its peak of $4,950, reached in August 2025. 
<h2 id="retest-holds-near-short-term-support">Retest Holds Near Short-Term Support</h2> 
Ethereum’s breakout above its descending trendline earlier this month was followed by a measured pullback. That trendline is now acting as support alongside the 20-day moving average. Analyst BATMAN described the setup as a “solid retest,” noting ETH is moving as expected. 
<blockquote class="twitter-tweet"> 
 So far, Ethereum is playing out exactly as I expected. 
 Right now, it’s retesting its previous bearish trendline, with added support from the 20-day MA. 
 Solid retest setup here from <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a> <a href="https://t.co/PN7m8Fssq5">https://t.co/PN7m8Fssq5</a> <a href="https://t.co/H3TWbyumNY">pic.twitter.com/H3TWbyumNY</a> 
 — BATMAN <img src="https://s.w.org/images/core/emoji/16.0.1/72x72/26a1.png" alt="⚡" class="wp-smiley" style="height: 1em; max-height: 1em;"> (@CryptosBatman) <a href="https://twitter.com/CryptosBatman/status/2013191265295155482?ref_src=twsrc%5Etfw">January 19, 2026</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
The price action remains steady near $3,200. As long as this area holds, a return to the $3,400 level remains on the table. If the asset breaks below it, near-term momentum may slow, but the overall structure is still intact for now. 
Furthermore, Ethereum recently cleared its 50-day moving average and stayed above it, signaling short-term strength. Analyst StockTrader_Max <a href="https://x.com/StockTrader_Max/status/2013188062722081114?s=20">says</a> the next logical level is the 200-day moving average, currently around $3,650. 
The current chart structure suggests the potential for a continued move higher. A possible Elliott Wave count suggests ETH may be forming a third wave, with a projected target near $4,000. This outlook depends on the asset holding above support between $2,980 and $3,085. 
<h2 id="activity-on-chain-reflects-growing-interest">Activity on Chain Reflects Growing Interest</h2> 
Glassnode data shows a rise in network usage. Daily active addresses have doubled over the past two weeks, now above 800,000. At the same time, Ethereum-based ETFs have added more than 158,000 ETH since December 29, an inflow worth over $500 million. 
The strongest buying has taken place between $2,770 and $3,100. Analyst Ali Martinez <a href="https://x.com/alicharts/status/2013097080646967305?s=20">stated</a>, 
<blockquote>
 “$3,085 — that’s the level Ethereum needs to hold to have a chance of a bullish breakout.”
</blockquote> 
As previously <a href="https://cryptopotato.com/ethereum-hits-staking-highs-as-eth-price-targets-4k-zone/">reported</a>, staking participation has reached a new all-time high, and wallet activity continues to rise. These trends suggest steady growth on the network, even as the price remains within a wide range. 
In more than two months, ETH has made sideways movements between 2,600 and 3,400. A volume-supported break above $3,400 may open up the option of $3,660 and even 4,000 in case momentum continues. 
The post <a href="https://cryptopotato.com/ethereum-eth-eyes-breakout-as-bulls-defend-3-2k-level/">Ethereum (ETH) Eyes Breakout as Bulls Defend $3.2K Level</a> appeared first on <a href="https://cryptopotato.com/" rel="nofollow">CryptoPotato</a>.

Ethereum (ETH) Eyes Breakout as Bulls Defend $3.2K Level

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