ETH trend has been a bit "křivolaký". When attempting to break through the $3300 level, it faced multiple obstacles, leading to increased selling after forming a short-term high. Short-term traders locked in profits, pushing the price back down to around the $3120 support level, a situation that became particularly evident after January 6, when trading volume reached as high as 236 billion USD but then cooled down.

Outflows from ETFs also exacerbated the selling pressure. In the first week of 2026, U.S. crypto ETF investors withdrew nearly 750 million USD from Bitcoin and ETH ETFs, with a significant outflow from ETH, reflecting the cautious sentiment of institutional and retail investors who may shift to other assets or choose to wait, offsetting the bullish turn of derivatives traders, while negative funding rates also limited price increases. $BNB $XRP $SOL

The macro environment is also unhelpful, with increased global macro uncertainty, a slowdown in the expectations for Federal Reserve interest rate cuts, and fluctuations in inflation data putting pressure on risk assets. As a smart contract platform, ETH is influenced by the Bitcoin-dominated market; when BTC falls, ETH also cools down in sync, and retail selling pressure combined with U.S. market pressure has offset the benefits of tightening supply. What will be the future trend of ETH? Let's discuss in the comments! Don't forget to follow, bookmark, and like!