2026-01-13 22:22:59

Ethereum prices have recently been fluctuating around $3,200, failing to break through the $3,300 barrier. Industry insiders point out that declining network activity and macroeconomic uncertainties are limiting its upward potential. Even with major technical upgrades, investors remain skeptical about ETH returning to $4,000.

Over the past two months, ETH has repeatedly surged and pulled back, raising doubts among traders about whether a sustained rally can occur in 2026. Data shows that Ethereum's trend is highly correlated with the overall crypto market capitalization. The root cause of the spreading pessimism is the明显 decline in on-chain application usage.

Looking at DEX trading data makes this even clearer. In the past two weeks, the total trading volume on decentralized exchanges was only $15.04 billion, down 55% from the $34 billion record set in January. DEX trading volume on Ethereum is also not optimistic, with a 7-day trading volume approaching $9 billion, a 65% drop from the peak of $27.8 billion in October last year.

Interestingly, Ethereum still leads in total value locked (TVL), reflecting institutional investors' preference for it. However, competitors like Solana, Tron, and BNB Chain generate more revenue through higher network fees. Ethereum's scaling strategy relies heavily on Layer 2 rollups, which has prevented it from fully monetizing its absolute advantage in smart contract storage.

ETH6,92%

SOL3,84%

TRX0,25%

BNB3,71%

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ApeEscapeArtist

· 14h ago

ETH is still stuck this time... 3300 is a dead end, it feels like nothing can break this deadlock.

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LayerZeroJunkie

· 16h ago

ETH is stuck bouncing between 3200-3300 repeatedly, and all technical upgrades seem useless... Looking at DEX data, it’s directly halved by 65%, which really shows no one is using it anymore. Sol and Tron are making a fortune from high fees, while ETH’s L2 strategy is a bit tangled, feeling like they’re cutting their own wrists. Institutions still cling tightly to ETH’s TVL, but retail investors are no longer convinced. Will it continue to fall in 2026 or... who knows? The plunge in activity is really painful; without application heat, even the strongest fundamentals will decline.

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LuckyBlindCat

· 16h ago

It's the same old story again, DEX trading volume halved by 65%, feels like the entire ecosystem is falling apart.

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BoredWatcher

· 16h ago

Wait, why is it so difficult to break through the $3300 level? It feels like ETH is locked up. DEX trading volume halved by 65%? How cold does it have to be to cause that... To be honest, L2 is hot, but the mainnet has indeed been wasted. On Solana, high fees actually make money; are we doing the opposite? The logic is a bit absolute. Institutions are still accumulating, retail investors probably already ran away.

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BloodInStreets

· 16h ago

DEX trading volume halved by 65%, this is the reality. No matter how advanced the technology upgrades are, they can't save a chain with no users. How to break through the 3300 barrier? There's simply no buying pressure; everyone is waiting for a dip. Institutions hoard TVL pretending to be knowledgeable, but in reality, they keep getting repeatedly drained of gas fees by the newer waves like Sol, it's hilarious. Layer 2 scaling strategies have instead turned the mainnet into an empty city; this move was really poorly played. Chains without application popularity are just empty shells; it’s more reasonable for the price to continue downward.

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NullWhisperer

· 16h ago

ngl the dex volume drop is basically eth's canary in the coal mine

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ImpermanentTherapist

· 16h ago

DEX trading volume halved by 65%... No wonder no one is using it, no wonder it couldn't break 3300

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RektButStillHere

· 17h ago

Once again nailed at $3,200, I really can't hold on anymore DEX trading volume halved by 65%... These numbers are pretty grim, it feels like it's not a technical issue, just nobody's trading anymore Layer2 is awesome, but the mainnet gas fees are still unaffordable, wake up Ethereum Institutions will just buy the dip, and now it's retail investors' turn to take the hit It's right not to be optimistic about $4K, this market is too cold, frozen solid That group on Solana is still earning gas fees, while we're just trying to figure out how to survive Honestly, a public chain with no activity is just an empty promise, no matter how strong the technology Another "technology upgrade saving the world" story, been playing out for two months and still going Having the leading locked-up amount, but liquidity is all gone Continuous rise until 2026? I think even 2025 is uncertain, brother

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