The $3,400 zone continues to act as a major resistance, with weekly candles showing multiple rejections at that range.
Still, analyst Ali Martinez believes Ethereum could be gearing up for a significant rally, as on-chain activity surges.
Before bulls can take control, though, reclaiming $3,000 remains the crucial first step.
Is Ethereum $ETH preparing for a bullish breakout? pic.twitter.com/nlysjq1saN
— Ali Charts (@alicharts) January 19, 2026
On-Chain Activity and ETF Demand
As per Martinez, network activity shot up in early January. Daily active addresses doubled in two weeks and now sit above 800,000. At the same time, spot Ethereum ETFs added about 158,545 ETH since late December, worth roughly $520 million at current prices.
This flow removes liquid supply from the market. Fewer coins on exchanges mean less sell pressure during corrections. That is why dips stay shallow for the second-largest cryptocurrency.
ETH Price Analysis: Support Needs to Hold for Higher Prices to Come
Ethereum remains in a key compression zone, but bulls are still in control as long as weekly closes hold above $2,800.
On-chain cost data shows intense demand between $2,772 and $3,109. This support band has already absorbed several sharp pullbacks, suggesting buyers are defending this range aggressively.
Source: TradingView
If ETH can close a weekly candle above $3,400 and flip that level into support, the chart opens up a clean move toward $4,000.
Longer term, the projection points to a target of $14,000–$15,000 if momentum continues.
However, if Ethereum fails to break $3,400 and loses the $2,800 level, momentum shifts to the bears.
That would place $2,100 as the next major support zone, implying a potential 26% drawdown and extended sideways action.
Ethereum’s Comeback Opens up a Major Opportunity for ETH-based Maxi Doge ($MAXI)
As the demand for ETH resumes, early-stage meme coins are once again back in the market spotlight. Among them, Maxi Doge ($MAXI) steps forward as a higher beta opportunity, boasting an expanding community.
Maxi Doge is creating a place for high-energy traders where they can trade ideas, market entries, and early setups. Everyone is welcome and focus is on gains.
The $MAXI presale has already raised about $4.5 million, showing huge interest from whales and early buyers.
To buy $MAXI before it lists on exchanges, head over to the official Maxi Doge website and connect a supported wallet (such as Best Wallet).
You can swap existing crypto in your wallet or a bank card to complete the transaction in seconds.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
A crypto journalist with over 5 years of experience in the industry, Parth has worked with major media outlets in the crypto and finance world, gathering experience and expertise in the space after surviving bear and bull markets over the years. Parth is also an author of 4 self-published books.
