$ETH
Ethereum (ETH) Market Analysis: February 2, 2026
The Ethereum market is currently navigating a period of significant turbulence. After a relatively stable start to the year, ETH has entered a sharp "rout," characterized by high volatility and a breakdown of major support levels.
Market Snapshot
| Metric | Current Value (Approx.) |
|---|---|
| Current Price | $2,195.61 |
| 24h Change | -10.22% |
| 7d Change | -22.20% |
| Market Cap | $268.80B |
| 24h Volume | $42.72B |
Technical Sentiment
The "Candle Chart" below illustrates the aggressive sell-off that began in late January. After peaking near the $3,450 mark in mid-January, the price action formed a series of lower highs and lower lows, eventually crashing through psychological support at $2,500.
* Resistance: The immediate hurdle for any recovery sits at $2,475, which previously served as a strong support zone.
* Support: With the current downward momentum, analysts are eyeing the $1,880 – $1,900 range as the next major "safety net" where buyers might step in.
* Liquidations: Over $1.1 billion in ETH long positions have been liquidated in the last 48 hours, fueling the "cascading" effect seen on the chart.
Ethereum Candle Chart (YTD 2026)
The chart highlights the transition from a steady ascent to the current vertical drop, reflecting the broader "risk-off" sentiment in the crypto space.
Fundamental Outlook
Despite the bleeding price action, Ethereum's ecosystem remains robust. On-chain data shows 393,600 new daily wallets and a continued dominance in the stablecoin market (hosting ~57% of total supply). The current dip appears to be driven by macroeconomic factors—including a U.S. government shutdown and ETF outflows—rather than a failure of the Ethereum network itself.
> Summary: We are in a "Fear" cycle. While the long-term fundamentals of RWA tokenization and network usage remain intact, the short-term technicals suggest that the bottom may not be in just yet.
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Would you like me to analyze the correlation between this ETH drop and Bitcoin's recent move to 9-month lows?
