ETH's price movement has been somewhat 'turbulent.' When attempting to break through the $3,300 mark, it repeatedly faced resistance, forming short-term peaks followed by increased selling pressure. Short-term traders locked in profits, pushing the price back down to around the $3,120 support level, a trend that became particularly evident after January 6, when trading volume reached as high as $23.6 billion before cooling down.

ETF outflows further intensified the selling pressure. In the first week of 2026, U.S. crypto ETF investors withdrew nearly $750 million from Bitcoin and ETH ETFs, with ETH experiencing significant outflows—reflecting cautious sentiment among both institutional and retail investors, who may have shifted to other assets or chosen to wait and see, offsetting the bullish shift among derivatives traders. Negative funding rates also limited upward price movement. $BNB $XRP $SOL

The macro environment isn't favorable either. Global macro uncertainty has increased, with slower-than-expected Fed rate cut expectations and volatile inflation data weighing on risk assets. As an intelligent contract platform, ETH is influenced by the broader Bitcoin-led market; when BTC declined, ETH cooled down in tandem. Retail selling pressure and U.S. market stress have offset the positive impact of tightening supply. What's next for ETH? Let's discuss in the comments! Don't forget to follow, save, and like!