Despite heightened market volatility noticed yesterday, Ethereum (ETH) shows strength by holding firmly above its support trendline, according to a revelation disclosed today by market analyst Crypto Jack. Yesterday, January 21, the wider crypto market experienced an extremely difficult day as assets’ prices significantly pulled back due to the impacts of global tensions.
Major virtual currencies turned defensive after the US President Trump renewed his threats to impose trade tariffs on Europeans countries, intensifying market volatility for volatile crypto assets. Bitcoin and Ethereum dropped below their crucial psychological levels ($90,000 and $3,000, respectively) during Wednesday’s trading session. Today, Ethereum is currently trading at $2,997 at the time of writing.
Ether Defend Key Support Level
In a post shared today on the X platform, the analyst identified that Ethereum is still holding its trendline support following yesterday’s fresh rejuvenated market volatility. As per the analyst’s data findings, ETH is defending its mid-range support, enabling it to maintain its bullish structure after yesterday’s dramatic sideways action. Ethereum’s move to hold above its $2,700 support level on its chart indicates that buyers are still enthusiastic and not willing to allow prices decrease below significant zones.
Support trendlines function as psychological safety nets for investors. When an asset (like Ethereum) consistently bounces from these lines, it shows confidence beneath and decreases the risk of serious declines.
Holding a support trendline is beyond a simple technical pattern; it showcases market sentiment. If this level had broken, it could have caused a huge drop. But the opposite has happened: the Ether market has found stability. ETH continues to trade above its long-term support zone, a sign indicating a robust likelihood of bullish continuation rather than a downturn.
The formation of the trendline (as indicated in ETH’s chart) displays a similar pattern to previous cycles, bouncing off key support at $2,700, with preparation for an upward trajectory. This pattern setup means that ETH has re-entered its growth channel, a formation that triggered significant rallies in previous cycles. As a result, the analyst is confident that the asset could be on its way towards the $3,300 resistance level.
ETH Market Outlook
At press time, ETH’s price surged above $3,000, currently trading at $3,008 after recording a 1.2% rise today. The jump shows that buyers are holding their ground firm to defend the $2,772 and $3,119 range for the ETH price, according to crypto analyst Ali Martinez. Early today, Ali pointed out that this range is where on-chain activity is building up, recognizing it as a strong, traditional support region during market fluctuations. As per Ali, Ethereum on-chain activity is piling up between $2,772 and $3,119, a zone where transactions build up, wallets buy ETH tokens, and liquidity rises.
