$ETH Current Market Status

As of early February 2026, Ethereum (ETH) is navigating a period of high volatility following a sharp market correction. After reaching annual highs near $3,380 in mid-January, the price experienced a significant drawdown, plummeting to lows around $1,750 on February 6th. Currently, ETH has staged a partial recovery, reclaiming the psychologically important $2,000 level and trading in the $2,100 range.

Key Drivers & Sentiment

De-leveraging Phase: The market has entered a "de-leveraging" cycle, characterized by a cascade of liquidations that wiped out over $1.9 billion in long positions. This forced selling pressure accelerated the drop from $2,400 to $1,800.

Institutional Pressure: Reports indicate that major entities, such as Trend Research, have been offloading significant ETH holdings to meet loan obligations, adding supply-side pressure.

Technical Rebound: The bounce from the $1,750 low suggests strong demand at that level, which aligns with historical accumulation zones. However, analysts warn that the recovery could be a "dead cat bounce" unless higher resistance levels are reclaimed.

Technical Outlook

Resistance Levels: The immediate hurdle for bulls is $2,150, followed by a critical resistance zone at $2,300. A sustained close above $2,300 is needed to shift the short-term structure back to neutral-bullish.

Support Levels: The $2,000 mark serves as immediate support. A failure to hold this level could see a retest of the $1,800 floor or potentially lower targets around $1,560.

Indicators: RSI indicators on daily charts have shown oversold conditions, supporting the case for the current relief rally.

Chart Analysis

The candle chart below visualizes the price action from January 11, 2026, to February 8, 2026. Note the "Red" candles indicating down days and "Green" candles for up days. The tall red candles in early February highlight the intensity of the recent crash, while the long lower wicks on recent candles indicate buyers stepping in to defend lower prices.