Ethereum's performance today has been quite volatile. As of 11:40 on January 21, the current price hovers around $2956 (approximately 20,700 RMB), seemingly consolidating. In fact, it has just increased by 0.59% within the last hour. However, looking at the 24-hour trend, the outlook is less optimistic—down 7.21%, with a volatility close to 8 percentage points, and the lowest price once dipped to $2918.

The overall market environment is also not very friendly. Bitcoin has failed to hold the $91,000 level, and the global risk asset sell-off wave is ongoing, making it difficult for ETH to stand apart.

From a technical perspective, this wave of decline has pushed the RSI into the oversold zone below 30, which is usually a signal—bearish momentum is waning. Looking at the MACD histogram, although still negative, the bars are shrinking, indicating weakening shorting force. The bulls are starting to show signs of movement. However, the KDJ indicator remains at a neutral position of 42, with no clear golden or death cross, so the probability of short-term consolidation and fluctuation is the highest.

In terms of price levels, the support below is around $2900 (approximately 20,500 RMB). For a rebound, the first thing to watch is whether it can break through the psychological barrier of $3000. If it does, there might be an attempt to extend upward toward around $3023.

Regarding trading volume, the 24-hour trading volume reached 11,639,400, with a transaction value close to 240.6 billion RMB, which is quite substantial. But pay attention to the recent one-hour trading volume, which has declined compared to the previous hours. This reflects that after the sharp decline, the market has become more cautious, with many waiting to see which direction it will go next. Quotes across different trading platforms also vary slightly, indicating that liquidity distribution is still uneven in the short term, and a consistent trend has not yet formed.