Ethereum has been in a downtrend beginning at the peak of ~$4950 on August 24th 2025.
This reflects the typical 4 year crypto cycle peak, as ut was 4 years prior in 2021. Typically a ~1 year downtrend follows this peak and it is likely the same type of pattern is unfolding here.
This downtrend is easily charted by observing the continued significant lower highs (circled on the chart). There has been 8 of these in the current downtrend.
The most recent significant high broke this trend. On Wednesday, January 14th 2026, ETH broke above $3,300 to set a higher high at ~$3,400.
Whilst shallow, this is a first higher high since August 2025. It reflects a period of (bearish) consolidation after a downward move.
This consolidation can be visualised by noting higher lows. These began in November 2025, with a 3rd high low made yesterday, January 21st 2025.
The higher high on Jan 14th looked to be a false signal that we were exiting consolidation to the upside. We remain sideways.
Ethereum has work to do. 🦈
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Coinbase is coming for EVERYTHING
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Why am I Base posting?
Because the Base Network stats speak for themselves.
TVL.. up and to the right
Stablecoin mcap.. up and to the right
Transactions.. up and to the right
Base is growing, and the data proves it.
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One of the things I do is a daily check-in of $ETH PA.
Below is the Ethereum weekly chart,
It shows key horizontal levels to pay attention to, ones that have previously been significant.
Rn ETH is holding above a horizontal area at $2850, an area that has acted as a significant price pivot many times in the past when ETH price moves above or below.
This comes off the back of a bearish move, from highs close to $5000.
Initially bulls attempted to defend price at the $4000 level, as shown by lower weekly candle wicks across Sept -> Oct (5 total).
Eventually price gave way as bulls were no longer able to defend price above $4000. Now bears have done significant damage forcing bulls to defend the $2850 pivot area.
As it stands this level is holding, showing its significance as the price action consolidates above.
However, this is consolidation after a bearish move and typically this leads to continuation.
The $2850 area is significant. A break below suggests a test of $2000. Pay attention to this pivot.
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$ETH 1D chart
ETH daily PA has rejected a short term horizontal level.
The level around $3300 is significant as it has previously been a relevant level for short term PA.
In early November 2025 , following a bearish move down from $4000, price temporarily made support here.. before breaking below on November 15th
Since, Ethereum PA has rejected this level as resistance twice.
The first time came on December 9th & 10th 2025. Bulls twice attempted to break above, however upper wicks on daily candles showed rejection of higher prices as bears stepped in.
Price fell as low as $2800 before finding support, at a level previously tested in late November and early December.
The second time ETH price has tested the $3300 underside was January 6th & 7th 2026 (effectively now).
This time price did not attempt a break above and bears stepped in on January 7th with a bearish engulfing candle of the prior day's bullish move.
Now ETH is likely to test a LTF support at $3000, before a potential restest of $2800
