Ethereum could be set for a fresh leg higher — potentially as much as 13.8% — but only if it can clear a critical resistance level, new on-chain and market data suggest. Why traders are watching ETH - Surging user adoption: On-chain analytics firm Santiment reported a record spike in new Ethereum wallets on January 11, with 393,600 wallets created that day and a weekly average of 327,100 new wallets per day. That influx points to growing retail interest and rising network activity (source: X / Santiment). - Large-scale staking from a major treasury: Onchain Lens revealed that Bitmine — described as the largest ETH digital asset treasury — staked 186,560 ETH (about $607.3 million) in the 24 hours leading up to press time. That increases Bitmine’s total staked ETH to roughly 1.53 million (≈ $5.1 billion). Heavy staking typically reflects longer-term conviction and can reduce effective circulating supply (source: Onchain Lens). Market reaction and price action - Price and volume spike: On January 14 ETH climbed 6.5% over 24 hours to around $3,330, while trading volume jumped about 90% to $34.18 billion. - Key technical level: AMBCrypto’s daily-chart analysis identifies $3,340 as a major resistance zone with a history of price reversals. A decisive daily close above $3,340 would open the door to a potential 13.8% upside toward approximately $3,800. Conversely, failure to close above $3,340 could trigger a substantial pullback, invalidating the immediate bullish thesis (source: TradingView / AMBCrypto). Momentum and derivatives sentiment - Short-term indicators: ETH has moved above the 50-day exponential moving average, signaling improving short-term momentum. However, the Average Directional Index (ADX) sits at 24.81 — just below the commonly watched 25 threshold — suggesting trend strength is still relatively weak. - Leverage and order flow: Derivatives tracker CoinGlass shows intraday traders are skewing toward long-leveraged positions. Significant concentration of leveraged orders sits around $3,296.3 (lower) and $3,362.8 (upper), with roughly $446.31 million in long-leveraged positions versus $249.48 million in shorts — reinforcing a short-term bullish tilt (source: CoinGlass). Bottom line Ethereum’s fundamentals — surging wallet growth and large-scale staking — are dovetailing with renewed market activity, but price now hinges on a clear break and daily close above $3,340. If that level holds as resistance, the bullish scenario toward ~$3,800 gains credibility; if not, traders should be prepared for a meaningful pullback. Disclaimer: This article is informational and not investment advice. Cryptocurrency trading carries high risk; do your own research before making decisions (source: AMBCrypto). Read more AI-generated news on: undefined/news

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