Ethereum (ETH/USDT) Struggles to Continue Rally as Bullish Momentum Drops
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The market for Ethereum against Tether over the last 24 hours has dwindled by 2.85% of its initial price. This record shows the pair is performing below the broader crypto market fall of 2.21% as the $450 million liquidation and BitMine’s $105 million buy fail to offset bearish momentum.
Recently, the pair has been trading well above $3,000, but the Guppy Multiple Moving Averages (GMMA) suggests indecision, while the MACD signals waning bullish pressure.
Currently, Ethereum trades at $3,110.40 with more than 124,000 volumes on the daily timeframe.
Technical Indicators
Major Resistance Levels: $3,168.72, $3,300.00, and $3,500.00
Major Support Levels: $3,074.03, $3,000.00, and $2,908.00
Technical Analysis
Technically, Ethereum against Tether on the daily chart appears to be consolidating after the initial rally. The price saw a significant rise compared to the $2,900 level it was at late last year. However, the cluster of EMAs suggests bullish momentum seems to have dropped, and traders are currently deciding the trend.
From another angle, the MACD beneath the chart signals that bullish strength is waning as the histograms plummet toward the signal line. To this end, this hints at a potential fall in price before another leg up. A move below $3,074 may signal the start of a slight pullback towards $2,900.
ETH IS Trading Just at 3,000 and on-chain metrics are surging astronomically at the moment.
DefiLama stats creeping up big time with on-chain volume surging more than 25% in this first week of January.
I’ve said many times Ethereum will lead in 2026
Imagine what happens at 5k+ pic.twitter.com/FPfGtcKfEF
— CryptoSkull 💀 ze last bull standing (@cryptoskullx) January 8, 2026
Meanwhile, @cryptoskullx has pointed out the latest Ethereum development on X. The analyst reveals the astronomical increase from on-chain metrics as figures from DefiLama show bullish dominance. Finally, it appears that the analyst is confident the token will be worth $5,000 in the future.
Today’s Ethereum Update
The market for Ethereum on a larger timeframe has not really undergone any significant changes. However, the micro charts display slight changes as current price action suggests the formation of another low. Meanwhile, this does not translate to the fact that the token cannot record a little profit, but a reaction from the $3,300 or somewhere is needed to determine such a move.
ETH/USDT Analysis: Displaying Signs of Minor Pullbacks
On the 4-hour chart, ETH/USDT, after a series of moves to the north, appears to be showing signs of a slight correction. The GMMA on the chart suggests consolidation as the sets of EMAs converge to form near-straight lines.
Also, the MACD displays bearish divergence as the histograms form beneath the signal line. To this end, a short-term reversal may be seen before recovery in the near term as the token holds a lot of promising upside movement.
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