Ethereum Price Holds at $3,300 Amid Potential Retest to $2,900

Bitcoin has dropped below $94,000, while Ethereum is struggling to maintain its position above $3,300, currently trading at $3,303 with a slight recovery of 0.44% in the past 4 hours.

Ethereum Price Analysis

Ethereum failed to sustain above the 61.80% Fibonacci level at $3,667, leading to a pullback.
The price is now at $3,300, near the 23.60% Fibonacci level.
Bearish momentum is slowing down, indicated by multiple Doji formations.
A death cross event has formed, but the 4-hour RSI suggests a possible bullish reversal.

An analyst noted that a drop to $2,900 could create a buy-the-dip opportunity, potentially targeting $7,000 if an inverted head-and-shoulder pattern develops.

Ethereum Derivatives and ETFs

Open interest in Ethereum has decreased to $29.69 billion, down 2.77% in 24 hours.
The long-to-short ratio stands at 0.9467, indicating strong selling sentiment.
Liquidations in the crypto market reached $480 million, with Ethereum liquidations at $85.79 million.
On January 8, Ethereum spot ETFs recorded an outflow of $159 million, marking their second-largest outflow ever.

Short-Term Price Targets

Short-term trends suggest a potential recovery to the 50% Fibonacci level at $3,446.
If Ethereum fails to hold $3,300, it may retest $3,100.
Long-term outlook points towards a possible retest of the $2,900-$3,000 range for an inverted head-and-shoulder formation.