$ETH
Ethereum Shows Heavy Accumulation: Key Support Holds
Despite the broader crypto market weakness, Ethereum shows signs of strong accumulation, suggesting a mild downside risk. On Jan. 20, analyst Ali Martinez shared on-chain data from Glassnode indicating heavy ETH activity between $2,772 and $3,119—levels where many holders last bought in, forming a critical support zone.
Historically, price tends to stabilize around areas of strong accumulation as holders resist selling at a loss, and new buyers defend positions. If ETH maintains above $2,772–$3,119, downside risk is limited, and a sustained move above $3,119 could fuel bullish momentum.
However, a drop below $2,772, especially alongside ETF outflows, could break support and trigger deeper corrections. For now, Ethereum’s accumulation zone remains a crucial price anchor.