At a Glance
- Ethereum is testing the $3,300-$3,400 range after breaking out of a falling wedge and double-bottom pattern
- 36 million ETH-nearly 30 % of supply-is now staked, an all-time high
- Glassnode data shows a sharp month-over-month jump in first-time wallet interactions
- Why it matters: Whether bulls defend $3,300 could decide if ETH races toward $3,900-$4,000 or slides back to $3,000
Ethereum is hovering around $3,300, a level analysts say may determine its next major move. The price action follows a bullish breakout from key technical patterns and coincides with record staking participation and surging new-user activity.
Technical Setup Hinges on $3,300 Defense
Analyst Merlijn The Trader highlights three converging signals on the 12-hour chart:
- A falling-wedge breakout, typically signaling trend reversal
- A double-bottom with neckline at $3,300, already breached
- MACD crossover flipping bullish
> “Ethereum has the recipe: falling wedge, double bottom, MACD flipping bullish. Now we just need one thing: hold $3,300 with both hands. If bulls defend it, we scare the feathers off the bears and rip to $3,900-$4,000,” Merlijn tweeted.
A rejection, he warns, could reload price toward $3,000. At press time ETH changes hands near $3,300, up 6 % on the week but down slightly in the last 24 hours. Volume over that period exceeds $26.5 billion.
Previous outlooks mentioned longer-term targets between $4,950 and $6,690.
Lark Davis adds that the ETH/BTC pair is retesting an eight-year downtrend line. A break, he says, “could mark a major shift for ETH and alts.”
Staking Supply Reaches New Peak
ValidatorQueue.com shows 36 million ETH locked in staking contracts, roughly 30 % of total supply. The rise has been gradual, indicating steady validator confidence rather than a rush.
> “ETH staking hits new all-time highs. Validators are confident Ethereum is going to push higher soon,” noted Crypto Rover.
With nearly a third of supply immobilized, any sustained demand could amplify upside pressure.
New Wallet Activity Spikes
Glassnode’s month-over-month retention metric reveals a sharp uptick in the “New” cohort-addresses interacting with Ethereum for the first time within 30 days.
> “This reflects a notable influx of new wallets engaging with the Ethereum network,” Glassnode wrote.
Drivers include staking, decentralized-finance deposits, and NFT or gaming interactions, underscoring broadening adoption beyond trading.
Corporate Blockchain Interest
In a separate development, Bitmine Immersion Technologies announced a $200 million equity investment in Beast Industries, founded by Jimmy Donaldson (MrBeast). The deal is expected to close by January 19, 2026, illustrating growing corporate appetite for blockchain-linked ventures.
Key Takeaways
- $3,300 is the immediate bull-bear pivot; holding it opens $3,900-$4,000, losing it risks $3,000
- Record staking levels reduce liquid supply, reinforcing a potential supply squeeze
- Fresh wallet growth signals expanding user base, supporting network utility
- ETH/BTC trendline resistance adds macro relevance to the current technical setup
