Looking at the ETH trend on January 12th, some interesting details can be observed.

From the perspective of candlestick charts and trading volume, the daily chart remains within the triangle convergence zone, and the larger timeframe can continue to operate under a sideways consolidation approach. The short-term trend is gradually leaning towards an upward movement, but the trend has not been fully confirmed yet. The support level indicated by the daily moving averages is at 3054, with resistance levels at 3145 and 3525. The 4-hour cycle support is around 3122.

Regarding the MACD indicator, the daily fast and slow lines have already flattened, and the energy bars are gradually diminishing. However, on the 4-hour chart, the golden cross is still ongoing, and the key point is that this golden cross appears below the zero axis, which theoretically leaves room for further upward exploration. Looking at the Bollinger Bands, the daily chart still exhibits typical oscillation characteristics. The 4-hour Bollinger Bands are starting to open from a converging state, with the middle band pointing upward, which is not too pessimistic.

From the supply and demand perspective, on the 4-hour level, resistance is concentrated in the 3255-3310 range, while support is at 3056-3095. The Fibonacci retracement levels are also quite meaningful— for the decline from 3308 to 3052, the 0.5 level is at 3180, 0.618 at 3210, and 0.782 at 3258. Conservative traders might consider short positions around 3258, as the risk-reward ratio and safety are relatively favorable here.

The support and resistance levels outlined by the Vegas channel are also worth noting: support at 3075, 3118, 3150; resistance at 3335, 3437. On the daily chart, the support and resistance ranges are broader, at 2968-3053 and 3242-3281 respectively.

Overall, the breakout direction of the daily triangle convergence remains the main focus. If the price surges above 3220, a short-sell approach can be considered; a more conservative strategy is to enter around 3258, and if the price pulls back to 3134, consider going long. This is a typical oscillating market, with high selling and low buying as the main theme, and the overall trend still leaning bullish. Once the daily chart establishes a clear trend, the larger timeframe direction will become more apparent, and then additional positions can be considered. For short positions, it’s not recommended to hold them indefinitely; risk management is the most important.