On January 9th, Ethereum's price trend was weak, with the morning quote oscillating around $3,158. The 24-hour decline was only 0.56%, fluctuating within the range of $3,092 to $3,185. The single-day trading volume reached $4.21 billion, but market participation clearly declined.

From a technical perspective, Bitcoin's downward momentum directly dragged down ETH's rebound strength. The RSI indicator has fallen back to 58, indicating that the bullish momentum is waning. The current key support level is at $3,100; if it breaks below this, further downside may follow. The resistance level is set at $3,200, and breaking through it will be challenging.

The market sentiment is currently quite cautious. Ethereum's lack of upward momentum is mainly due to the slowdown in ETF fund inflows. In the short term, it is expected to fluctuate within a range without significant directional opportunities. Close attention should be paid to the subsequent developments of ETH2.0 and the overall market liquidity changes, especially to guard against the risk of further pullbacks.