Ethereum has entered a short-term cooling phase after failing to break through a key resistance zone. The pullback comes amid broader market consolidation and follows a strong weekly rally, suggesting profit-taking rather than a decisive trend reversal.
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ETH slipped around 1% on January 16th, trading near $3,310 as overall market momentum cooled. The move follows a 7% weekly gain, during which short-term momentum became increasingly stretched.
This is reflected in the 7-day Relative Strength Index, which reached 68, approaching overbought territory. As RSI climbed, traders began locking in profits, increasing near-term selling pressure.
Ethereum has now been rejected twice this week near the $3,370 resistance level. Multiple failures at the same price area typically indicate short-term exhaustion, especially after a sharp upside move.
This rejection has reinforced $3,350–$3,370 as a key resistance zone. A daily close above $3,350 would be required to invalidate the current pullback narrative and reassert bullish control.
Despite the dip, broader momentum indicators remain supportive. The MACD histogram is still firmly positive at 25.53, suggesting that the underlying trend remains bullish.
This setup implies the pullback may be corrective rather than the start of a deeper decline, provided key support levels hold.
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The first level to watch on the downside is $3,250. Holding above this area would support the case for consolidation before another upside attempt.
Below that, the 30-day simple moving average near $3,056 stands out as a critical structural floor. A sustained move toward this level would signal a deeper reset in momentum, while a bounce above it would preserve the broader bullish structure.
Ethereum’s rejection at $3,379 has triggered short-term profit-taking, but momentum indicators suggest the broader trend remains intact. As long as ETH holds above $3,250 and the 30-day SMA, the pullback is likely temporary. Bulls will need a decisive daily close above $3,350 to regain momentum and reopen the path toward higher resistance levels.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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