Ethereum (ETHUSDT｜4-hour level) Technical Analysis｜2026.02.07

From the 4-hour structure, ETH has formed a clear mid-term top in the $4,800–$5,000 range, and the price is running along a downward channel, showing typical bearish trend characteristics of lower highs, weak rebounds, and breaking down immediately. Recently, it accelerated downward from the $3,300 line to around $2,000, which belongs to an extension phase in the trend, rather than a panic sell-off at the end.

The current price is operating near the psychological level of $2,000, which is also the lower edge of the previous round of oscillation, possessing technical speculative value in the short term. However, it is important to emphasize that this position leans more towards emotional support and structural pullback, rather than a confirmed trend bottom. As long as the rebound cannot reclaim key resistance, the bearish structure still prevails.

Structurally, the current downward rhythm is clear and orderly, with rebounds mainly for repair, indicating that capital is still primarily retreating in a trend-oriented manner, rather than a concentrated panic. The biggest hidden danger now is: the height of the rebound is continuously limited, ETH is obviously weaker than BTC, and there is insufficient willingness to absorb capital.

Key level judgments:

$2,000–$1,950: 4H level first support zone, core of short-term long-short game

$1,850–$1,800: If $2,000 breaks down with volume, the market will likely extend to this range

$2,300–$2,350: First rebound resistance, corresponding to breaking the previous platform

$2,500–$2,600: Mid-term structural strong resistance area, must regain stability to have the possibility of trend repair

Rhythm-wise, it tends more towards oscillation after a decline, repeated turnover, then choosing a direction, rather than a rapid V rebound. Before BTC shows a clear strength, the sustainability of ETH's rebound needs to be treated with caution.

In summary:

ETH is still in a 4-hour level bearish trend, $2,000 is a speculative position rather than a bottom, and before reclaiming $2,500, all rebounds should be viewed as repairs to the market, with an overall strategy focusing on defense.