Ethereum's price at 3:00 AM on January 10th was $3,093.68. The 24-hour change was not significant, only 0.67%, but there were fluctuations during the day — the highest reaching $3,140.71 and the lowest touching $3,058.1. Overall, it shows a pattern of oscillating within a narrow range.

Why is this happening? In the short term, it is mainly being suppressed by two forces. After the release of the US December non-farm payroll data, the market exploded — 256,000 new jobs were added, far exceeding expectations, and the unemployment rate dropped to 4.1%. This directly dampened market expectations of a rate cut by the Federal Reserve this year. What does an extended rate hike cycle mean? The cost of holding non-yielding assets increases, and cryptocurrencies like Ethereum, which do not generate income, naturally face pressure.

Technical factors are also at play. The $3,180 level is a tough nut — multiple rebounds failed to break through, forming a solid resistance line. Although there is support at $3,060 below, the trading volume hasn't kept pace, making the rebound seem somewhat weak. Over the past week, Ethereum has fallen 0.82%, and in the past month, it has declined by 8.16%. The 6.06% gain over the previous 14 days has basically been wiped out. Holders are in a cautious mood, with the turnover rate remaining at 5.17%, neither cold nor hot.

However, the long-term story may be changing. There are signs of a supply-demand reversal in the Ethereum staking market. Since January 7th, the withdrawal queue for staking has started to show new changes. Meanwhile, various ecosystem upgrades are ongoing, which are positive signals accumulating over time. In the short term, the forces of bulls and bears are confronting each other at a critical balance point, and the future depends on how this balance will be broken.