{"id":128936,"date":"2026-01-21T19:02:10","date_gmt":"2026-01-21T19:02:10","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=128936"},"modified":"2026-01-21T19:02:10","modified_gmt":"2026-01-21T19:02:10","slug":"eth-crashes-12-weekly-is-a-drop-to-2600-next","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=128936","title":{"rendered":"ETH Crashes 12% Weekly: Is a Drop to $2,600 Next?"},"content":{"rendered":"

Ethereum (ETH) has dropped sharply after failing to hold above the $3,400 resistance level. The move has pushed the price below a key support line, triggering increased selling across both spot and derivatives markets.<\/p>\n

As of press time, ETH trades arpimd at $2,960, down nearly 12% over the past week. Trading activity has picked up, but buyers appear to be stepping back.<\/p>\n

Rejection at $3,400 Triggers Sell-Off<\/h2>\n

Ethereum was halted near $3,400, a level traders had been watching. Analyst Kamran Asghar said the rejection came \u201cperfectly off the OTE selling area<\/em>,\u201d referring to a zone often targeted by sellers. After that move, the price broke through ascending support, putting the $2,600 zone back in focus.<\/p>\n

$Ethereum<\/a> Rejected & Ejected. <\/p>\n

Perfectly played off the OTE Selling Area at $3,400. We\u2019ve now snapped the ascending support, and the path of least resistance is looking like a trip back to the $2,600 value area. pic.twitter.com\/6JQuZIqpmY<\/a><\/p>\n

\u2014 \ud835\udc0a\ud835\udc1a\ud835\udc26\ud835\udc2b\ud835\udc1a\ud835\udc27 \ud835\udc00\ud835\udc2c\ud835\udc20\ud835\udc21\ud835\udc1a\ud835\udc2b (@Karman_1s) January 21, 2026<\/a><\/p>\n\n

In the past day, Ethereum lost nearly 5% while volume rose to over $31 billion. Derivatives volume also climbed 40%, reaching $71.75 billion, per CoinGlass data. But open interest fell by about 5% to $39.35 billion, showing many traders were closing positions instead of adding risk.<\/p>\n

Meanwhile, heatmap data from order books show heavy buying interest sitting below the current price. Analyst Kriptoholder noted<\/a> demand in the $2,800\u2013$2,850 range, with larger buy walls around $2,500\u2013$2,600.<\/p>\n

These areas could attract buyers if the asset drops further. Pointing to large pending orders from bigger players, Kriptoholder said,<\/p>\n

\u201cThe order book heatmap transparently reveals the true liquidity depth resting below the price action.\u201d<\/p>\n

ETF Outflows and Falling Exchange Reserves<\/h2>\n

US spot ETH ETFs recorded net outflows of $229.95 million on January 20, ending a five-day inflow streak (per SoSoValue\u2019s data). The shift in flow direction came during the same period as the price decline, suggesting possible profit-taking or reduced short-term confidence.<\/p>\n

<\/a>Ethereum (ETH) Spot ETF Net Inflow 1.20. Source: SoSoValue<\/p>\n

Meanwhile, ETH held on centralized exchanges continues to shrink. According to CryptoQuant analyst Arab Chain, reserves have dropped<\/a> to 16.2 million ETH, the lowest since 2016. Binance alone saw a fall from 4.168 million to 4.0 million tokens since early January.<\/p>\n

In addition, Ethereum staking also hit<\/a> a new record, with more coins being locked up than ever before. This reduces circulating supply and may support price once selling pressure fades.<\/p>\n

Longer-Term Setup Remains in Focus<\/h2>\n

Some traders are watching for a larger setup to play out. As CryptoPotato<\/em> reported<\/a>, ETH may be forming an inverse head-and-shoulders pattern, with a possible breakout target near $4,400. That level would need to be cleared for the structure to be confirmed.<\/p>\n

Elsewhere, a post from Bitcoinsensus raised<\/a> the question: \u201cIs a $10K ETH on the table for this cycle?<\/em>\u201d Based on past cycles and reduced returns, the estimate suggested a possible range of $10K\u2013$15K. However, market conditions remain fluid, and the near-term trend has turned lower.<\/p>\n

The post ETH Crashes 12% Weekly: Is a Drop to $2,600 Next?<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

Ethereum (ETH) has dropped sharply after failing to hold above the $3,400 resistance level. The move has pushed the price below a key support line, triggering increased selling across both spot and derivatives markets. As of press time, ETH trades arpimd at $2,960, down nearly 12% over the past week. Trading activity has picked up, […]<\/p>\n","protected":false},"author":0,"featured_media":128937,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-128936","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/128936"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=128936"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/128936\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/128937"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=128936"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=128936"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=128936"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}