Ethereum prices continue to consolidate within a key range on January 12, 2026, with trading prices around $3,138. The market exhibits a classic "compression top" pattern, with volatility steadily decreasing, reflecting a balance between buyers and sellers within the support zone of $3,050-$3,100 and the resistance zone of $3,300. Currently, the low trading volume is a key factor restricting a breakout. Analysts believe that the market needs a significant increase in trading volume accompanied by a clear directional move to end the consolidation. If the bulls can push the price to close above $3,300 on the daily chart, it may open the path to test the $3,500-$3,600 target. Conversely, if the critical psychological level of $3,000 is broken, the risk of a pullback will increase, with important support below around $2,900.