Ethereum is once again hovering near a crucial price level, leaving traders wondering whether a fresh rally could be next. At the same time, a growing share of ETH is being locked away in staking, tightening the amount of coins available for trading and adding an interesting twist to the market setup.
At the time of writing, Ethereum was trading around $3,162, down about 1.3% over the past 24 hours. Over the last week, the price has stayed within a fairly narrow range between $3,119 and $3,379, showing signs of consolidation rather than a clear trend. While ETH has climbed roughly 3.6% over the past month and reclaimed the $3,000 level, it is still far from its August peak of $4,946.
Trading activity cools off
One notable change in recent sessions has been the drop in overall trading activity. Ethereum’s 24-hour trading volume fell nearly 19% to about $20 billion, suggesting fewer traders are actively betting on large price swings at current levels.
The derivatives market tells a similar story. According to CoinGlass data, derivatives volume slipped more than 22%, while open interest edged down 2% to $40.26 billion. This points to a market that is becoming more cautious, with traders dialing back leverage instead of gearing up for aggressive moves.
Staking hits a record milestone
While price action has cooled, Ethereum’s staking ecosystem is quietly reaching new highs. Data shared by Solid Intel on Jan. 20 shows that almost 30% of all ETH in circulation is now staked, marking a new all-time high.
In raw numbers, around 36.2 million ETH, worth close to $120 billion at current prices, is locked into the network. As more ETH flows into staking, returns have naturally eased and now range between 2.8% and 4%.
Even so, the steady inflow suggests that many investors are focused on long-term participation rather than short-term price fluctuations.
The staking queues reinforce this view. More than 2.6 million ETH is currently waiting to be staked, while very little is lined up for withdrawal. This imbalance signals strong confidence among holders and little urgency to unlock funds.
Large players are also increasing their presence. Firms such as BitMine have continued to expand their staking positions, indicating that institutions see staking as a core part of their Ethereum strategy. Although concerns about centralization persist, sentiment around staking remains broadly positive.
What the charts are saying
Technically, Ethereum is sitting just below the $3,350–$3,400 resistance zone, an area that has repeatedly stalled upward moves. Price action has tightened, pointing to a market in consolidation mode.
The Bollinger Bands are narrowing, a classic sign of shrinking volatility. While this doesn’t predict direction, such squeezes often come before a stronger breakout. ETH is also hovering near the middle of these bands, typically associated with sideways trading.
Importantly, Ethereum remains above its 50-day moving average, which has acted as support during recent pullbacks. Each dip has attracted buyers, often at slightly higher levels, helping preserve the broader bullish structure.
Momentum has cooled but not collapsed. The daily RSI sits just above 50, close to neutral territory, showing some hesitation from buyers but little pressure from sellers.
For now, low volume and repeated rejections near resistance keep Ethereum in a holding pattern. A decisive daily close above $3,400 could open the door to a move toward the $3,650–$3,800 range. On the flip side, another failure could send ETH back toward the $3,050–$3,100 support zone, where buyers have previously stepped in.
For now, Ethereum waits — with tightening supply and a coiled chart hinting that a bigger move may not be far away.
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