Ethereum has been a bit frustrating these days. Looking at the market on January 11th, the price is stuck around $3,093.15, with almost no movement in the past 24 hours, only a slight decrease of 0.2%. But the volatility range is quite clear—fluctuating back and forth between $3,065 and $3,103.

Where is the problem? First, funds on the spot market are flowing out, and second, moving averages are firmly pressing down on the price to prevent it from rising. The combination of these two factors has pushed the market into a downward channel. From a technical perspective, RSI has fallen below 45, indicating that buyers currently lack strength, and any attempt to rally is difficult.

Support is seen at the $3,065 level, which is holding for now. The $3,100 level above is a tough nut to crack; multiple attempts today failed to break through. Given this trend, it’s unlikely to see a strong upward move in the short term. Most likely, the market will just grind within this range, waiting to see how Bitcoin and the overall capital flow develop.