Ethereum Analysis for January 7: Will Ethereum Surpass the $3,303 Resistance Level?

Summary:
Ethereum is encountering significant resistance levels with notable bullish momentum, while market liquidation data points to ongoing volatility.

Key Takeaways

Ethereum (ETH) is trading at $3,253.44, down 1.2% in the last day.
The market cap remains stable at $392.7 billion with a strong trading volume of $28.85 billion.
ETH has recorded a 9.5% increase in the past week and an 11% rise over the last two weeks.
A critical resistance level to watch is $3,303, which could pave the way for further gains if surpassed.
Support is identified at $3,190, with potential declines if this level is broken.
Liquidation data indicates a volatile futures market, emphasizing caution for investors.

Ethereum

Ethereum Price Analysis

As of January 7, 2026, Ethereum (ETH) is testing essential Fibonacci retracement levels as it nears a critical resistance at $3,303, which corresponds to the 0.786 Fibonacci level. Recent trading activity indicates a strong rally; however, ETH is encountering resistance at this point, making it a crucial area to watch.

Ethereum 1-Day Chart

If Ethereum manages to close above $3,303, it could confirm a breakout, potentially driving prices toward the $3,400 to $3,600 range. Conversely, established support is seen at $3,190, marked by the 0.618 Fibonacci retracement level. Should Ethereum pull back, this support level is likely to offer buying opportunities. A fall beneath this mark could lead to declines toward $3,100 or $2,980, which are other key Fibonacci levels to monitor.

The Awesome Oscillator indicates continued bullish momentum, as green bars suggest a positive outlook, provided the market remains above these support areas.

Ethereum Liquidation Data

In the Ethereum futures market, there remains strong volatility along with potential for price fluctuations, despite the ongoing difficulties for bullish traders. During the past 24 hours, total liquidations amounted to $101.83 million, with $56.65 million attributable to long positions and $45.18 million from short positions.

Ethereum Liquidation

In shorter time frames, long positions are frequently leading liquidations. For instance, in the 4-hour and 1-hour periods, liquidations amounted to $7.60 million and $7.21 million, respectively. This significant pressure on long positions implies a bullish sentiment in Ethereum's price action, but the high liquidation statistics signal caution for investors.

Disclaimer: This article is for informational purposes only and should not be taken as financial advice. The opinions expressed reflect the author's views and do not necessarily represent those of The Crypto Basic. Readers are encouraged to conduct thorough research before making any investment decisions. The Crypto Basic is not liable for any financial losses incurred.