Ethereum Price Prediction for January 10

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As the U.S. bank holiday approaches, a major news item has shaken the market: the U.S. government has been authorized to liquidate 69,000 bitcoins seized from the Silk Road case. This decision is part of a lengthy legal process, and the government plans to sell this massive bitcoin reserve. Retail traders seem to be reacting to this news, which could trigger panic selling. Social media is filled with bearish predictions, with experts believing that bitcoin could drop to $30,000. Meanwhile, some predict that this will be a hopeless altcoin season, with many altcoins struggling to return to their 2021 highs.

In the midst of this chaos, Ethereum's price movement has remained relatively stable over the past 24 hours. Despite the overall market trending downwards since the volatility peak on January 6, Ethereum's next move remains unclear.

To break the current downtrend, Ethereum needs to maintain above $3,210. As long as it can hold this support level, a slight rebound may occur in the short term. If it breaks the resistance level of $3,624, the market outlook could change.

The key invalidation point and resistance levels are: Ethereum's main resistance level is at $3,750, representing the volatility peak since January 6. If this level is breached, it would indicate a return of bullish momentum. Regarding Ethereum's long-term prospects, analyst Ali Martinez stated that if Ethereum continues to move along the ascending parallel channel, a drop to around $2,800 could mark the beginning of a strong rebound towards $6,000. This potential upward space depends on Ethereum's ability to maintain key support levels in the short term.

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