Ethereum Nears $3,300 as Staking Hits Record High

According to analyst Merlijn The Trader, Ethereum’s 12-hour chart presents a compelling bullish setup. The asset has recently broken out of a falling wedge—a pattern typically signaling the end of a downtrend—and has also formed a double bottom with a neckline at $3,300. ETH has broken above this critical line and is now attempting to hold it as support. Adding to the positive momentum, the Moving Average Convergence Divergence (MACD) indicator has flashed a bullish crossover, a signal that has preceded upward moves in the past.

The immediate price action around $3,300 is therefore decisive. Merlijn The Trader outlined a clear binary outcome: a successful defense by bulls could “rip” the price toward the $3,900–$4,000 range. Conversely, a rejection from this zone could see ETH reload lower, potentially retesting the $3,000 level. As of the latest data, ETH is trading at approximately $3,300 with a 24-hour trading volume exceeding $26.5 billion, showing a 6% gain over the past week despite a slight daily dip.

This short-term technical battle is set against a backdrop of ambitious longer-term forecasts from other analysts, with targets ranging from $4,950 to as high as $6,690. Furthermore, commentator Lark Davis highlighted a potentially seismic macro shift, noting that the ETH/BTC pair is retesting an 8-year downtrend line. A decisive break above this line could signal a major shift in momentum favoring Ethereum and the broader altcoin market over Bitcoin.

While the price hangs in the balance, Ethereum’s underlying fundamentals are showing notable strength. Data from ValidatorQueue.com reveals that the amount of staked ETH has reached a new all-time high of over 36 million tokens. This represents nearly 30% of Ethereum’s total supply, locked in the network’s proof-of-stake consensus mechanism following a steady and healthy increase.

As noted by commentator Crypto Rover, this milestone indicates that validators are confident Ethereum is poised to move higher. Economically, staking actively reduces the liquid supply available on the market. If demand for ETH remains constant or increases, this reduction in available sell-side pressure can create upward price momentum. The growing staking queue is a strong vote of confidence in Ethereum’s long-term viability and security from its most committed participants.

Concurrently, on-chain analytics firm Glassnode reports a sharp spike in new user engagement. Their data shows a significant month-over-month increase in the “New” wallet cohort—addresses interacting with the Ethereum network for the first time in the past 30 days. This surge in first-time addresses suggests fresh capital and users are flowing into the ecosystem, whether for staking, trading on decentralized exchanges, or interacting with applications. This growth in network activity is a key indicator of organic adoption and health beyond mere price speculation.

The bullish technical and fundamental signals for Ethereum are emerging within a wider context of growing institutional and corporate interest in blockchain technology. In a related development, Bitmine Immersion Technologies confirmed a substantial $200 million equity investment in Beast Industries, the company founded by internet personality Jimmy “MrBeast” Donaldson. The deal is slated to close by January 19, 2026.

While not a direct investment in Ethereum, this move exemplifies the rising capital allocation toward ventures in and around the digital asset space. Such high-profile corporate investments help validate the broader sector, potentially improving sentiment and attracting further capital to foundational protocols like Ethereum. The convergence of positive technical patterns, strong on-chain fundamentals, and a supportive macro environment for crypto-related ventures creates a potent mix for ETH as it tests a make-or-break price level.