As of January 19, 2026, Ethereum (ETH) is trading around $3,200, marking a 3.36% decrease on the day. This decline followed a rejection from its 24-hour high near $3,367. The broader crypto market experienced a risk-off sentiment amid escalating US–EU trade tensions, triggering nearly $870 million in long liquidations and pushing major assets like ETH lower. Price action is now approaching a critical technical zone.
Despite the recent sell-off, Ethereum’s broader technical structure remains constructive.
Ascending Triangle Still Intact
On the daily chart, Ethereum continues to trade within a well-defined ascending triangle pattern that has been forming since late 2025. This technical structure is characterized by higher lows rising steadily against a strong horizontal resistance zone located around $3,400.
During the current pullback, ETH again faced rejection at the triangle’s neckline resistance before sliding lower. The price is now hovering near $3,190–$3,200, gradually drifting toward the ascending trendline support. This trendline has repeatedly served as a demand zone over the past several months.
Historically, every previous visit to this rising support level has attracted buyers, resulting in sharp rebounds.
Momentum Cooling, But Structure Holds
While short-term momentum has weakened due to the broader market sell-off, ETH has not broken its bullish structure. The series of higher lows remains intact, and price action continues to respect the rising trendline drawn from the November and December swing lows.
This suggests that the current price movement is more accurately described as a healthy pullback within a larger consolidation phase, rather than a definitive breakdown.
Will This Pattern Trigger a Rebound?
If Ethereum experiences a slight further drop and tests the lower boundary near $3,150, the reaction at this level will be crucial. A strong bounce from this zone would reinforce the ascending triangle setup and increase the probability of another attempt toward the $3,400 resistance.
Historically, this support level has been defended aggressively by buyers, making it a key area to monitor in the coming sessions. A successful hold at this support could set the stage for a renewed push higher once broader market sentiment stabilizes.
Conversely, a clean breakdown below the ascending trendline would weaken the bullish thesis and expose ETH to deeper downside in the short term.
Bottom Line
For the moment, Ethereum remains positioned at a make-or-break technical zone. While macro uncertainty has injected volatility into the market, ETH’s chart structure still favors a potential rebound, provided the rising support continues to hold. Traders will be closely observing whether buyers step in once again, or if broader risk-off pressure forces a deeper correction.