Ethereum has seen a nearly 7% decline in January, diverging from the broader crypto market and Bitcoin’s upward trajectory. The second-largest crypto dropped 6.7% this month, falling from a January 1 peak of $3,400 to an intraday low of $3,170 by January 27. Despite this subdued performance, historical data suggests a brighter outlook, as February and March have traditionally been strong months for Ethereum. Analysts and supporters remain optimistic about its prospects, viewing the current dip as part of a larger, bullish narrative for the asset.
At the time of writing, ETH was trading at $3,190.
ETH witnessed a sharp correction, with prices plunging by nearly 29% from last month’s high of $4,107 to $2,920. The asset tested the $3,000 support but did not close below that level on a daily basis. The longer lower shadow indicates buying activity around these levels. ETH is facing strong resistance at $3,500. Once it breaks and closes above $3,500 with strong volume, we can expect it to rally further, potentially reaching $4,000.
| Support 2 | Support 1 | Asset | Resistance 1 | Resistance 2 |
| $2,850 | $3,000 | ETH | $3,500 | $3,750 |
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