Ethereum continued its weak correction in the early morning of January 20. As of around 8:00, the price slid to around $3,211, down 3.9% over 24 hours. From intraday performance, the highest reached $3,369, and the lowest dropped to $3,179, with volatility expanding to 5.8%. The current market capitalization is approximately $387.5 billion.

Technical pressure is evident. The key level of 3280 has been broken, and the EMA30 moving average around 3180 is struggling to provide effective support. The MACD indicator shows increasing bearish momentum, with the bullish upward force continuously weakening. This technical pattern suggests limited room for a short-term rebound.

Market sentiment is also not optimistic. The 24-hour trading volume is about 6.589 billion, with frequent liquidation events. Many institutional investors are taking advantage of the rebound to realize profits, gradually releasing selling pressure. This deterioration in market liquidity further reduces upward momentum.

In terms of trading strategy, it is recommended to focus on the 3180-3280 range. Short-term consolidation and fluctuation will be the main theme. 3280 is an important resistance level to watch closely, while 3180 serves as a potential support line. Under the current circumstances, it is advisable to adopt a light position and observe. Once signs of a weakening rebound are confirmed, it is prudent to reduce positions promptly to avoid risks.