As of January 29, 2026, Ethereum ($ETH ) bulls are showing early signs of regaining control, but the market remains in a delicate "decision zone." After a period of bearish pressure, ETH is currently stabilizing around the $2,800 – $2,950 range.
The Bullish Case:
Whale Accumulation: Large investors (#whales ) have significantly increased their holdings by roughly 430,000 $ETH ($1.3 billion) this week, following the introduction of the AI-focused ERC-8004 standard.
Technical Reversal: Analysts on Binance Square have identified a classic bullish reversal pattern after a "strong bullish impulse" and minor correction. ETH has recently broken above a key pattern, signaling that buyers are stepping back in.
Liquidity Signals: Long-term indicators are flashing a "global liquidity signal" similar to the one that preceded the massive 2021 bull run, suggesting a potential multi-month upside move is forming.
The Bearish Hurdles: "Work to Do"
Resistance Levels: For a full bullish takeover, ETH must decisively reclaim the $3,000 – $3,100 zone. Until it breaks above this resistance with high volume, the risk of a "fake-out" remains.
Record High Leverage: The estimated leverage ratio on Binance is at a record high. This makes the market extremely sensitive; any sudden drop could trigger liquidations and push the price back toward $2,700.
Neutral Sentiment: The Fear & Greed index is sitting in "Fear" territory (around 20-29), which historically can be a buying opportunity, but currently indicates a lack of broad market confidence.
The Verdict: Bulls have the upper hand in the short-term recovery, but they haven't "won" yet. A daily close above $3,100 would be the signal that the bulls are officially back in the driver's seat.
