Ethereum is currently consolidating below the crucial $3,400 breakout zone, with its price hovering around $3,162. This period of contraction in volatility and cooling momentum comes as a record share of the total Ethereum supply is now locked in staking, significantly tightening available liquidity in the market.
Over the past 24 hours, Ethereum has seen a slight decrease of 1.3%. In the last week, its price has fluctuated between $3,119 and $3,379. Despite these short-term movements, ETH has experienced a notable recovery of approximately 3.6% over the past month, reclaiming the $3,000 level, though it remains considerably below its all-time high of $4,946 reached in August.
Trading activity has notably slowed, with Ethereum's (ETH) 24-hour trading volume falling by roughly 19% to $20 billion. This decline indicates that fewer traders are actively participating at current price levels.
Data from CoinGlass concerning futures markets mirrors this trend. Derivatives volume has decreased by over 22%, and open interest has dropped by 2% to $40.26 billion. This suggests that traders are reducing their leverage rather than establishing aggressive positions in anticipation of a significant price move.
Staking Activity Reaches an All-Time High
While the price action on exchanges has cooled, Ethereum's staking activity continues to exhibit robust growth. Data shared by Solid Intel on January 20th revealed that nearly 30% of all ETH in circulation is presently staked on the network.
INTEL: $ETH staking reached an all time high with nearly 30% of the total supply now staked pic.twitter.com/zVleJbJpTA
— Solid Intel 📡 (@solidintel_x) January 19, 2026
In total, approximately 36.2 million ETH, valued at close to $120 billion at recent market prices, is locked within the Ethereum network. Staking yields have seen a slight reduction, now ranging between 2.8% and 4%, as the total staked amount increases.
Nevertheless, the consistent inflow of ETH into staking suggests that a significant number of holders are prioritizing long-term participation in the network over short-term price speculation.
The queue data further supports this perspective. Over 2.6 million ETH is currently waiting to be staked, while a minimal amount is queued for withdrawal. This substantial imbalance indicates strong confidence in the network and a low inclination to liquidate staked funds.
Major financial entities are also actively participating in Ethereum staking. Companies like BitMine are reportedly expanding their staking holdings, signaling that institutional investors view staking as a fundamental strategy within their portfolios. While some analysts have voiced concerns regarding potential centralization risks associated with staking, the overall sentiment surrounding this activity remains positive.
Ethereum Price Technical Analysis
Ethereum is currently trading just below the significant resistance zone between $3,350 and $3,400, an area that has repeatedly capped recent upward price movements. The price action has narrowed, indicating a period of consolidation rather than a clear directional trend.
The Bollinger Bands are observed to be tightening, a technical signal that suggests reduced volatility. While this contraction does not definitively indicate the direction of the next price move, such squeezes often precede a more significant breakout. ETH is also trading near the midpoint of these bands, which typically reflects a period of sideways price movement.
Ethereum remains above its 50-day moving average, a level that has acted as a support floor on multiple occasions during recent pullbacks. The overall technical structure has maintained its integrity, as each significant dip has attracted renewed buying interest, often at progressively higher price points.
While momentum has not drastically declined, it has softened compared to previous trading phases. The daily Relative Strength Index (RSI) is currently positioned slightly above 50, moving closer to neutral territory. This suggests a degree of buyer hesitancy without significant selling pressure.
Trading volume continues to be low, and there has been a lack of sustained follow-through on recent attempts to push the price higher. A decisive daily close above the $3,400 mark would likely trigger a shift in momentum and potentially open the path towards the $3,650–$3,800 price range.
Conversely, a failure to overcome resistance could lead to a pullback towards the $3,050 to $3,100 area, where significant buying interest has emerged in the past. At present, Ethereum appears to be in a holding pattern, awaiting a catalyst for its next significant price movement.