Ethereum performed quite impressively on January 14th — reaching a high of $3,367. Although it closed around $3,320, it has already pushed the key resistance level of $3,400 very tightly. Behind this rally, there are actually several forces working together.

First, let's look at the macro perspective. The US December CPI data showed a slowdown, which immediately strengthened the market's expectation of a rate cut by the Federal Reserve in March. The appeal of risk assets increased accordingly. Meanwhile, Bitcoin surged past $95,000 in one go, and the strength of the leading cryptocurrency naturally drove mainstream coins to rally across the board. ETH gained over 7% that day, following this logic.

From the perspectives of capital and technology, spot ETF net inflows continue, and staking amounts are steadily increasing. These are tangible incremental funds. The $3,300 level has shifted from resistance to support, indicating that the bullish forces are accumulating.

Key levels are well understood: above $3,400–$3,450 is a resistance zone, both a psychological barrier and a zone of high trading volume; below, $3,300 is the current main support, with medium-term moving averages at $3,240–$3,260 providing additional support.