3 Forces Put Ethereum’s January Peak at Risk as $3,050 Turns Critical
Ethereum faces risk to its January peak due to weakening momentum, existing profit incentives, and high long leverage clustered below $3,050.Summary
Ethereum's price is pulling back from its January peak near $3,390, despite remaining within a technically bullish rising channel since November. However, three forces signal growing risk. First, momentum is weakening, evidenced by bearish divergences in the Relative Strength Index (RSI) between price peaks. Second, while holders have significant unrealized profits (high NUPL), on-chain data shows spot sellers are currently calm, with on-chain activity collapsing, suggesting no panic selling. The third and most critical force involves derivatives positioning: heavy long leverage on Binance is concentrated just below the $3,050 support level. A break below $3,050 would trigger significant long liquidations and potentially break the channel structure, accelerating downside toward $2,760. Reclaiming $3,390 is necessary to neutralize bearish signals.
(Source：BeInCrypto)