January 28 News: Ethereum prices have recently shown signs of stabilization and rebound. The US spot Ethereum ETF recorded approximately $117 million in net inflows in a single day, ending several consecutive days of capital outflows. Public data indicates that Fidelity contributed about $137 million on that day, becoming the main driving force, while BlackRock experienced a slight net outflow, showing that institutional funds are not acting uniformly but rather displaying a clear divergence in allocation.
This change in capital flow occurs against a backdrop of cautious market sentiment, prompting traders to reassess institutional intentions. Some opinions believe this is more of a phased position adjustment rather than a large-scale risk appetite rebound. Historical experience also suggests that ETF capital inflows do not necessarily correspond to short-term rapid price increases.
On-chain data reveals another layer of signals from the Ethereum network fundamentals. Glassnode shows that on January 27, the total network transaction fees dropped to the lowest level since May 2017. The decrease in fees helps alleviate usage cost pressures and provides a more friendly environment for ecological applications, but it also reflects that on-chain activity has not yet significantly recovered to a strong expansion phase.
From the order book perspective, liquidity below $2900 is gradually accumulating. On-chain and derivatives data indicate that the $2850 to $2900 range has gathered considerable buy orders, attracting some large funds recently and forming a phased support level. If this area is effectively broken downward, liquidity rebalancing could trigger a larger retracement risk.
Currently, ETH is trading near $2900. The market generally views whether ETH can regain stability and break through $3000 as a key short-term threshold. If the upward breakout succeeds, the price may test the dense resistance zone around $3200 to $3400.
However, technical indicators remain cautious. The MACD momentum has not yet shown clear recovery, and the RSI hovers around 40, indicating that buying strength is still limited. The next phase of Ethereum’s movement will still depend on whether institutional funds continue to flow in and whether on-chain activity can recover in tandem.
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