Ethereum Must Hold $3,085 Support as Triangle Consolidation Sets Up Test of $3,400

Ethereum needs to stay above $3,085 to preserve its bullish setup on the daily chart, with that level identified as the support that must hold for the prevailing pattern to remain in place, analyst @alicharts said in comments carried by BlockBeats on Jan. 19. Price action continues to consolidate within a triangle on the daily timeframe, while daily active addresses have doubled over the past two weeks to more than 800,000, a sign that network participation has resumed its rise. Recent Ethereum ETF buying has been most concentrated between $3,119 and $2,772, a key support area for the market. If Ethereum maintains the $3,085 support and then clears the $3,400 resistance, the resulting breakout could open a path toward $3,660, with a subsequent move toward $4,000 also possible if those technical conditions are met, @alicharts said.