Ethereum, that once-proud titan of the digital realm, now lies battered and bruised, its price a shivering leaf in the storm of market whims. The $3,400 fortress, once thought impregnable, crumbled like a house of cards in the hands of greedy specters. And lo! The price, like a drunkard stumbling through a graveyard, has tumbled past the sacred support line, spilling blood-er, dollars-across the spot and derivatives fields.
As the clock ticks, ETH hovers near $2,960, a ghost of its former self, having shed nearly 12% in a week’s time. Trading, that eternal dance of hope and despair, has quickened, yet buyers, those brave souls, retreat like mice from a cat.
The $3,400 Rejection: A Tragedy in Three Acts
Ethereum, that stubborn mule, was halted at $3,400, a level so coveted it might as well have been a holy relic. Analyst Kamran Asghar, that prophet of the crypto wilderness, declared the rejection “perfectly off the OTE selling area”-a phrase as clear as mud, but no matter. The price, like a rebellious child, broke free of its ascending support, and now the $2,600 zone looms, a specter of doom.
$Ethereum Rejected & Ejected.
Perfectly played off the OTE Selling Area at $3,400. We’ve now snapped the ascending support, and the path of least resistance is looking like a trip back to the $2,600 value area.
– 𝐊𝐚𝐦𝐫𝐚𝐧 𝐀𝐬𝐠𝐡𝐚𝐫 (@Karman_1s) January 21, 2026
And thus, in a single day, Ethereum lost 5% more, while volume swelled like a drunkard’s wallet. Derivatives, that siren song of risk, surged 40%, yet open interest, that fickle lover, slipped 5%, as traders, like timid mice, closed their positions and fled.
Meanwhile, the order book heatmap, that oracle of liquidity, reveals buyers lurking below, like wolves in the dark. Analyst Kriptoholder, that seer of crypto’s future, notes demand in the $2,800-$2,850 range, with massive buy walls guarding $2,500-$2,600. A tempting feast for the bold, if they dare to descend into the abyss.
These areas, if the price dares to fall further, may draw the desperate. “The order book heatmap transparently reveals the true liquidity depth resting below the price action,” Kriptoholder intones, as if speaking to a congregation of fools.
ETF Outflows and the Descent of Exchange Reserves
US spot ETH ETFs, that once-glorious chariot of capital, now weep tears of $229.95 million in net outflows, ending a five-day streak of inflow. A cruel twist, as the price plummets, suggesting profit-taking or the slow death of short-term faith. What a tragic comedy this market is!
Meanwhile, ETH’s presence on centralized exchanges dwindles, like a fading star. According to CryptoQuant’s Arab Chain, reserves have fallen to 16.2 million ETH, the lowest since 2016. Binance, that once-mighty colossus, now holds 4.0 million tokens, down from 4.168 million. A sad tale of decline.
Yet, Ethereum’s staking, that solemn ritual of locking coins, reaches new heights. More coins locked than ever, reducing supply and perhaps, if the stars align, propping up the price once the storm passes. A glimmer of hope, though fleeting.
The Longer-Term Setup: A Drama Unfolding
Some, those fools who dare to dream, watch for a grander setup. As CryptoPotato whispers, ETH may be forming an inverse head-and-shoulders pattern, with a breakout target near $4,400. But only if the price clears that hurdle, a task as daunting as climbing Mount Everest in a hurricane.
Elsewhere, a post from Bitcoinsensus asks, “Is a $10K ETH on the table for this cycle?” A question as absurd as asking if the moon is made of cheese. Based on past cycles and the current chaos, the estimate suggests a range of $10K-$15K. Yet, market conditions remain as fluid as a drunkard’s promises, and the near-term trend has turned darker than a coal miner’s soul.
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2026-01-21 22:56