$ETH
As of February 4, 2026, Ethereum (ETH) is navigating a period of significant volatility and "extreme fear" sentiment. Here is a concise breakdown of the current market state and technical outlook.
1. Market Summary (Feb 4, 2026)
Current Price: ~$2,244 USD
24h Change: +2.1% (Minor recovery)
7d Performance: -23.1% (Significant sell-off)
Market Cap: ~$271 Billion
2. Technical Analysis & Candlestick Patterns
The daily and weekly charts currently show a dominant bearish trend, but signs of a potential bottom are emerging at key support levels.
Candlestick Status: The weekly chart recently closed with a Bearish Engulfing pattern, signaling strong selling pressure throughout late January. However, the 4-hour and daily charts are currently forming a Falling Wedge, a technical pattern that often precedes a bullish reversal if the upper resistance is broken.
Support & Resistance:
Major Support: $2,100 – $2,180. This is a "must-hold" zone; a dip below could trigger a slide toward $1,800.
Immediate Resistance: $2,450. ETH needs a daily close above this to neutralize the bearish momentum.
Target Resistance: $3,000. Reclaiming this psychological level would signal the end of the current "crypto winter" phase.
3. Network & Fundamental Outlook
Upgrade Roadmap: The "Glamsterdam" upgrade is scheduled for early 2026, aimed at optimizing Layer-1 throughput and reducing storage pressure.
Institutional Play: Despite price drops, institutional treasuries (like Bitmine Immersion) continue to accumulate. The long-term narrative remains focused on Layer-2 dominance and real-world asset tokenization.
Visualizing the Chart
The current chart shows a series of lower highs and lower lows (the wedge), with high volume spikes on the red (selling) candles, indicating a period of capitulation that may be nearing its end.
I have generated a visual representation of the current ETH candlestick chart for you below.
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