Ethereum Price Forecast: $3,000 Denied, Yet On-Chain Metrics Suggest Otherwise

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As of January 25, 2026, Ethereum is trading within the $2,930–$2,950 range, consolidating after a broader decline from earlier January highs exceeding $3,400. This downward movement reflects short-term macro caution and significant ETF-related selling rather than a deterioration in network fundamentals.

With Bitcoin lingering near $89,000 and mixed risk sentiment, has entered a range-bound phase where its price is trailing behind underlying activity.

ETF Pressure Affects Price, Not Structure

Short-term pressure has predominantly arisen from outflows of spot ETH ETFs, which surpassed $600 million between January 20–23, largely driven by a single-day exit of $250 million from BlackRock’s ETHA. This selling has dampened momentum and kept ETH below the $3,000 mark.

However, the flow data suggest more of a rotation and profit-taking than a retreat by institutions. indicates that whales have accumulated approximately $1 billion worth of ETH during the recent downturn, while funding rates and open interest have reset from previously crowded long positions. This combination indicates that leverage is being reduced, not confidence.

On-Chain Activity Reveals a Different Narrative

Despite the price, Ethereum’s network activity remains robust. Daily active addresses have approached 1.3 million, with transaction volumes consistently ranging between 1.9 million and 2.2 million per day.

Validator behavior supports this trend: exit queues are nearly non-existent, entry queues are being rebuilt, and staking participation continues to grow, tightening the circulating supply.

Low fees and enhanced efficiency following upgrades are also fostering sustained and application usage, underscoring a “weak price, strong fundamentals” dynamic that has historically foreshadowed larger trend movements.

Ethereum Gains Despite U.S.-Iran Tensions

On the geopolitical landscape, tensions between the U.S. and Iran are escalating as Iran’s Revolutionary Guard asserts it is “more prepared than ever” with U.S. warships approaching the Middle East. This warning follows Iran’s recent crackdown on protests, resulting in thousands of fatalities, while Trump has established strict red lines for military action, including the prevention of mass executions and violence against civilians.

Notwithstanding these geopolitical strains, Ethereum (ETH) continues to rise, indicating that investors maintain confidence in Ethereum’s growth, likely bolstered by significant advancements such as the Ethereum Foundation’s focus on post-quantum security.

Today signifies a turning point in the Ethereum Foundation’s long-term quantum strategy.
We have established a new Post Quantum (PQ) team, led by the exceptional Thomas Coratger (@tcoratger). Joining him is Emile, one of the leading talents behind leanVM. leanVM is the cryptographic…

— Justin Drake (@drakefjustin) January 23, 2026

Ethereum Price Prediction: Compression Builds Near $2,950 as ETH Eyes Its Next Leg

From a technical perspective, the prediction is bearish as ETH maintains its position above the $2,850–$2,900 support zone, aligned with previous demand and Fibonacci confluence. The RSI remains subdued around 35–40, indicating caution but not capitulation.

A reset toward support followed by a recovery above $3,060 would re-open upside potential toward $3,190–$3,400, while a definitive break below $2,800 could lead to a deeper retracement toward $2,700.

Ethereum Price Forecast: $3,000 Denied, Yet On-Chain Metrics Suggest Otherwise0Ethereum Price Chart – Source: Tradingview

Looking ahead, Ethereum’s roadmap for 2026 strengthens the long-term outlook. The forthcoming Glamsterdam upgrade and subsequent Hegota phase are focused on , efficiency, and sustainability, building upon blob infrastructure advancements and hastening Layer-2 adoption.

With over 8.7 million new contracts deployed as the year begins, analysts are increasingly optimistic about 2026 as a potential breakout year if macro conditions stabilize.

Ethereum (ETH/USD) Trade setup: Accumulate near $2,850–$2,900, target $3,190–$3,400, invalidation below $2,700.

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Ethereum Price Forecast: $3,000 Denied, Yet On-Chain Metrics Suggest Otherwise1

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