Ethereum
0.78%
tried to push above $3,300 this week and failed. The rejection caused a pullback to $3,120 as short-term traders locked in profits. The move comes in a market where ETH is still riding strong ETF demand and growing institutional interest. The eyes are on the level of $3,000 and that the price of Ethereum can hold above it.
🚨BREAKING:
BITMINE WAS 19,200 $ETH AMOUNT OF $61M
BULLISH FOR ETHEREUM pic.twitter.com/StJhUYjZ8E
— BLADE (@BladeDefi) January 8, 2026
ETH is trading around $3,150, down about 5% from its recent high near $3,306 on January 6. This pullback follows a 24-hour trading volume of 23.6 billion that day, marking the single highest volume period in recent memory and showing continued market participation despite the dip. Price action like this often occurs after rapid rallies, especially when Bitcoin is also cooling.
The question now is if Ethereum will hold the $3000 level or will we see more selling pressure this weekend?
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Ethereum Price Action: A Strong Start to the Year, But It Didn’t Last Long
Ethereum reached resistance at $3,300. When ETH fails to break through, buyers retreat, and the price falls. Currently, ETH is trading below its short-term average and the momentum is pointing down.
Currently, the $3,120 area serves as support. Support acts as a low where buyers tend to enter. ETH has already bounced once near $3,123, indicating that demand is still there.
If that floor is broken, the next stop is near $3,080 and then $3,000.
Holding this position keeps the big uptrend strong. Throwing it away invites a possible shakedown.
This short-term weakness contrasts with strong long-term indicators. Spot ETH ETFs pulled in $394 million in one week, with weekly inflows exceeding $3 billion and outperforming Bitcoin ETFs.
Update for Jan 8:#Bitcoin ETFs:
1D NetFlow: -6,606 BTC(-$593.17M)🔴
7D NetFlow: +1,580 BTC(+$141.86M)🟢#Ethereum ETFs:
1D NetFlow: +25,608 ETH(+$79.16M) 🟢
7D NetFlow: +127,633 ETH(+$394.51M)🟢#Suspense ETFs:
1D NetFlow: +26,314 SOL(+$3.53M) 🟢
7D NetFlow: +305,808 SOL(+$40.98M) 🟢… pic.twitter.com/U3w3GhA38e– Lookonchain (@lookonchain) January 8, 2026
Ethereum also benefits from staking, where users stake ETH to help secure the network and earn a yield. A few liquid coins usually soften the deep sell. You can see that trend in the rise of Ethereum staking activity.
Watch $3,120 nearby. A strong jump here allows for high continuity.
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