On Jan. 19, 2026, Ethereum traded near $3,200 after retreating from $3,300, holding a clean retest of a prior descending trendline that had acted as resistance. Market and on-chain data show rising volume and renewed buying interest as the breakout setup remains intact.
The trendline now sits near the 20-day moving average and provides short-term support. BATMAN wrote “So far, Ethereum is playing out exactly as I expected.”
Daily trading volume climbed above $27 billion, a 128% jump from the previous day, with price ranging between $3,190 and $3,360 in the past 24 hours. ETH is up about 3.3% for the week and sits roughly 35% below its August 2025 peak near $4,950.
The token also cleared and held above its 50-day moving average, signaling short-term strength. StockTrader_Max noted the next reference is the 200-day moving average, near $3,650.
Chart structure includes a possible Elliott Wave third wave with a target near $4,000, contingent on support between $2,980 and $3,085 (Ed. note: $3,085 is repeatedly cited as a key support level).
On-chain metrics show daily active addresses above 800,000, and ETF inflows exceeded 158,000 ETH, worth over $500 million. Ali Martinez said “$3,085 — that’s the level Ethereum needs to hold to have a chance of a bullish breakout.”
ETH has traded sideways between $2,600 and $3,400 for weeks; a volume-backed break above $3,400 could open $3,660 and then $4,000.
