Ethereum is currently at a critical point between bullish and bearish forces, with short-term trends exhibiting uncertainty. From a technical perspective, momentum indicators show significant volatility signals, and the liquidation heatmap also reflects intense emotional swings among market participants, indicating that the upcoming directional choice is crucial.

The key variable determining the short-term price trend is the US non-farm payroll data released on January 6. Strong data may exert downward pressure on prices, triggering a correction; conversely, weak data could trigger an upward breakout. Such macroeconomic events often cause short-term shocks to the crypto market.

However, from a longer-term perspective, the fundamental support for Ethereum remains strong. Progress in the Cancun-Deneb upgrade, rising expectations for spot ETFs, and continuous improvement of the re-staking ecosystem—all are building a long-term value foundation. Although potential risks still exist, the cumulative effect of these positive factors is more prominent, providing solid support for long-term growth.

In short, short-term volatility pressures may exist, but they should not overshadow the long-term development momentum.