Ethereum is currently trading in a price range between $2,930 and $2,950 as of January 25, 2026, following a broader correction from January highs above $3,400. This decline reflects short-term economic prudence and liquidation associated with ETFs, rather than a flaw in the network’s fundamentals.
With Bitcoin price hovering near $89,000 and mixed risk sentiment, Ethereum has entered a limited phase as the price lags fundamental activity.
ETF pressure affects price, not market structure
The short squeeze primarily came from outflows from spot ETH ETFs, which exceeded $600 million between January 20 and 23, driven in part by a $250 million outflow from BlackRock’s ETHA fund in a single day. This sell-off slowed the momentum and kept Ethereum price below the $3,000 level.
However, this reflects more portfolio repositioning and profit taking than institutional abandonment. Tracking data on the blockchain shows that whales hoarded nearly $1 billion worth of Ethereum during the recent correction, while funding rates and open interest returned to their original position after busy periods of long positions. This combination indicates a decline in debt and not a decline in confidence.
Channel activity tells a different story
Regardless of the price, Ethereum network activity remains strong. The number of active addresses per day has increased to around 1.3 million addresses, while the number of transactions ranges between 1.9 million and 2.2 million transactions per day.
Validator behavior reinforces this trend: exit queues are close to zero, entry queues are rebuilding themselves, and storage sharing continues to increase, tightening the circulating supply.
Lower fees and improved efficiency after updates also lead to sustainable use of DeFi and applications, reinforcing the “low prices, strong fundamentals” dynamic that has historically preceded larger trend moves.
Ethereum value rises despite US-Iran tensions
On the geopolitical front, tensions are rising between the United States and Iran, with Iran’s Revolutionary Guard warning that it is “more prepared than ever” for movements of American warships to the Middle East. The warning follows the recent crackdown on protests in Iran, which left thousands dead, and Trump has set strict red lines for military action, including preventing mass executions and violence against civilians.
Despite these geopolitical tensions, Ethereum (ETH) continues to consolidate. This shows that investors remain confident in Ethereum’s growth, likely supported by strong developments such as the Ethereum Foundation prioritizing post-quantum computing security.
Ethereum Price Forecast: Growing Pressure Near $2,950 as Ethereum Eyes Its Next Phase
Technically, Ethereum price is expected to decline, maintaining its stability above the $2,850-$2,900 level, a key support level corresponding to previous demand and Fibonacci points. The relative strength index (RSI) remains low, near 35-40, indicating the need to be cautious and not give up.
A reset towards the support level followed by a recovery to the $3,060 level would pave the way for a rally towards $3,190-3,400, while a sharp break below the $2,800 level would risk a deeper pullback towards $2,700.
Looking ahead, Ethereum’s 2026 roadmap reinforces the importance of a long-term focus. The upcoming Glamsterdam update and subsequent Hegota phase focus on scalability, efficiency, and sustainability, building on advances in blob architecture and accelerating Layer 2 adoption.
With more than 8.7 million new smart contracts deployed at the start of the year, analysts increasingly view 2026 as a potential takeoff period if macroeconomic conditions stabilize.
Ethereum (ETH/USD) Trading Setup: Accumulation near $2,850-2,900, target $3,190-3,400, invalidation below $2,700.
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The article Ethereum Price Forecast: $3,000 Price Rejected, But Blockchain Data Shows Different Picture appeared first on Cryptonews Arabic.
