Another uneventful day. On January 8th, Ethereum followed the market plunge, briefly approaching a 5% decline during the session, temporarily falling below $3100. By the evening close, the decline narrowed to 2.81%, ending at $3119.

The liquidation data is quite eye-catching—$465 million in total contract liquidations across the entire network within 24 hours, involving 137,800 investors, with over 90% of the liquidations coming from long positions. Clearly, many are still betting on a rise.

To put it simply, this decline is mainly due to tightening geopolitical tensions suppressing risk appetite. Plus, the market is waiting for the US non-farm payroll data and tariff decisions, making everyone feel uneasy and cautious.

From a technical perspective, there are some interesting points. The RSI indicator has already turned down from the overbought zone, and in the short term, the $3190 level will act as resistance. The key support below is in the $3050-$3075 range.

A detail to note is that the US spot ETF is still attracting capital at the start of the year, but market liquidity and sentiment are diverging. This suggests that short-term volatility may intensify, and traders should watch out for the risk of a pullback.