ETH Market Analysis (February 8, 2026)
The "Flash Crash" Event: On February 4–5, Ethereum experienced a brutal collapse, dropping as low as $1,750. This was fueled by the liquidation of a massive $2 billion leveraged long position by Trend Research, which forced the sale of over 300,000 ETH into a thinning market.
Current Price Status: As of today, February 8, ETH has stabilized slightly and is trading around $2,080 (approx. 580,380 PKR). While it has bounced off the local bottom, it remains down roughly 35% for the year.
Macro & Technical Pressure: The sentiment is heavily bearish. ETH is currently trading below all its major Exponential Moving Averages (20, 50, and 200 EMA). Analysts note that the failure to hold the $2,125 resistance level suggests that the current "bounce" lacks strong buyer conviction and might lead to more consolidation.
Institutional Conflict: There is a visible divide in the Ethereum community. While a "leaked pitch" recently exposed leadership divisions at the Ethereum Foundation, long-term bulls (including those recently liquidated) still maintain price targets of $10,000 for the next major cycle, citing Layer-2 adoption and institutional tokenization as the primary drivers.
ETH/USDT Technical Candlestick Chart
The chart below highlights the catastrophic drop in early February and the current attempt to form a support floor near $2,000
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