Ethereum Price Prediction: Spot Accumulation Continues As Price Tests Channel Support
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Ethereum is testing its ascending channel support at $2,926 after a 0.78% slip. Despite trading 6% below the 20-day EMA, spot exchange inflows reached $30.04 million, indicating continued accumulation. However, JPMorgan raises concerns about the persistence of gains post-Fusaka upgrade due to layer-2 competition.
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- Ethereum slips 0.78% to $2,926, testing the ascending channel support drawn from the December low near $2,600.
- Spot exchange inflows reach $30.04 million as buyers continue accumulating despite price trading 6% below the 20-day EMA.
- JPMorgan questions whether Fusaka upgrade gains will persist amid layer-2 competition, adding fundamental uncertainty to the technical setup.
Ethereum price today trades near $2,926.42 as the ascending channel support faces its third test this month. Spot flows remain positive despite the correction, creating a potential floor beneath price even as macro concerns and analyst skepticism weigh on sentiment.
Spot Inflows Signal Continued Accumulation
Exchange flow data shows buyers stepping in during the weakness. Coinglass recorded $30.04 million in net inflows on January 23, extending the accumulati…
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