Current Price: Ethereum has broken above $3,200 today, with an intraday increase of 1.92%.

· Market Background: This rally occurred after a round of large-scale "deleveraging" in the market. Since October 2025, leverage in the cryptocurrency futures market has been significantly cleared, potentially creating conditions for a healthier market operation in 2026. Analysis of Bull and Bear Perspectives

Market analysts hold differing views on the subsequent trend:

Bullish Perspective

· Technical Structure Bullish: Some analysts believe that as long as the price can stabilize above $3,100 and break through this level decisively, the upward trend may continue, with a target of $3,600.
· Double Bottom Pattern Expectation: If the price can effectively break through the key resistance zone of $3,250–$3,350, it may confirm a "double bottom" bullish pattern, with a long-term target even pointing to $4,000.

Cautious (Bearish) Perspective

· Short-term Overbought Risk: Some analysts warn that Ethereum's short-term charts have entered the "overbought" zone, which usually indicates potential for a price correction. The first correction target may be around $3,028.
· Fundamental Disputes: Despite active network usage (such as record-high smart contract deployments and reduced transaction fees), some believe that compared to other outperforming blockchains like Solana, Ethereum's current price may be relatively high.
· Institutional Selling: Global asset management giant BlackRock was observed depositing a large amount of Ethereum into exchanges in early 2026, which is often seen as a potential sell signal, raising market concerns.

📊 Technical Indicator Overview

According to mainstream market websites' technical analysis of Ethereum futures, as of January 2nd, short-term signals are leaning positive:

· Overall Recommendation: Strong Buy
· Technical Indicators: Strong Buy (9 buy signals, 0 sell signals )
· Moving Averages: Strong Buy ( All 12 period moving averages show buy signals )

💎 Summary and Key Points to Watch

Overall, Ethereum successfully broke above $3,200 at the start of the year. Technical indicators are short-term bullish, but market opinions are divided on the future trend, with optimistic expectations based on pattern breakthroughs and cautious warnings about overbought conditions.

Key points to monitor moving forward can be summarized as follows:

Key Price Levels

· Resistance Above: $3,250–$3,350 (a critical zone to confirm an upward trend).
· Support Below: $3,100, $3,000 (a break below these levels may invalidate the short-term bullish pattern).

Signals to Watch

· Price Confirmation: Observe whether the price remains solid above $3,100 and whether it can break through $3,350 with volume.