As of February 2, 2026, $ETH
Ethereum is trading at approximately $2,269.52 against USDT, reflecting a sharp 7.58% decline over the past 24 hours, with a high of $2,461.81 and a low of $2,222.00. This downturn aligns with broader market pressures, including heightened geopolitical tensions between the US and Russia, which have dampened global risk appetite and triggered significant liquidations exceeding $1.1 billion in the ETH market alone. The chart indicates a persistent downtrend over the recent months, with the price falling below key moving averages—MA7 at $2,651.25, MA25 at $2,982.58, and MA99 at $3,122.88—suggesting weakening momentum. Volume has spiked during this drop, reaching over 1,090,521 ETH in 24-hour trading, underscoring strong selling pressure amid a broader crypto market liquidation surge of over $2.5 billion.
From a technical perspective, ETH has broken through previous support levels around $2,623 and $2,475, now eyeing potential floors at $2,200 or lower Fibonacci-based zones, while resistance looms at the blue trendline near $2,400. Indicators like MACD show fading bullish momentum, and RSI below 50 hints at oversold conditions not yet reached, potentially paving the way for further downside if the bearish structure holds. However, a reclaim above 0.041 $BTC
could signal a reversal, especially with rising leverage ratios on exchanges like Binance indicating traders are positioning for volatility in tight ranges. Market sentiment remains cautious, with analysts noting this could mirror historical patterns of 70% drops post-breakdowns, though an approaching altcoin season might offer recovery catalysts if broader crypto exposure stabilizes.
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