🔥1.23 ETH consolidating at the bottom! Layer2 upgrade + staking hitting new highs, the 2900 level becomes a key support

2026.1.23 ETH shrank with the market, fluctuating around the 2900 level, repeatedly competing for control. The hardcore Layer2 upgrade + staking hitting a new all-time high support the market

ETH is currently priced at $2942, down slightly by 1.95% in 24 hours, with a circulating market cap of $354.5 billion (circulating supply about 120.5 million), and a 24-hour trading volume of $5.83 billion;
The entire network’s ETH contracts experienced liquidations of $157 million in 24 hours (long positions accounting for 72.3%), market long-short ratio is 1.18, sentiment is cautious;
30.24 million ETH are locked on the Beacon Chain (accounting for 25.1% of circulating supply), staking market value exceeds $89 billion, setting a new record high. Validators’ average daily exit is only 213 ETH, maintaining historically low exit pressure.

📈 Core Market Catalysts
① Core Layer2 upgrade: After the BPO hard fork, Blob data limit is officially raised to 21, Layer2 batch transaction processing capacity increases by 30%, mainstream L2s (Arbitrum/Optimism) gas fees remain in the range of 0.001-0.003 ETH;
MegaETH initiates a global throughput stress test, aiming to process 10 billion on-chain transactions in 7 days, with peak TPS exceeding 28,000 in actual testing;
② Ecosystem activity remains strong: ETH’s 7-day moving average on-chain transaction volume is 2.43 million, a new high since 2026, stablecoins (USDT/USDC) transfer share reaches 37.2%, on-chain actual transaction demand remains robust;
③ Institutional deployment unchanged: Short-term, ETH spot ETFs see slight capital inflows influenced by the market, but since 2026, net inflow totals $13.28 billion. Institutions buy an average of 6520 ETH daily, with a long-term allocation trend unchanged;
④ Key support and resistance levels: Short-term support is at $2900-$2920 (a dense chip area over the past 30 days), resistance at $3080-$3100 (EMA30 + Fibonacci double resistance). The market is currently consolidating with decreasing volume, direction awaits volume breakout confirmation.

💡 Trading Reminder
ETH’s fundamentals remain strong: Layer2 expansion + high staking demand + active ecosystem transactions form a triple support;
In the short term, geopolitical risks and market sentiment suppress price, and it is in a consolidation phase. Avoid aggressive bottom fishing for now. Wait for volume breakout above $3100 resistance or a steady hold above $2900 support for 3 hours before considering positioning, to avoid being shaken out in the consolidation!