$ETH Market Analysis 2026.02.09
On February 5th, it was mentioned that after ETH dropped to the illustrated range and formed a doji, there would be an oversold rebound. Subsequently, after ETH dropped to 1748, the rebound occurred as expected, with a maximum increase of 23%. Is the rebound over now?
As shown in the figure, the rebound that ETH is currently undergoing is likely not yet finished. Looking at the four-hour level, there are two possible trends for ETH moving forward. The difference between the red and blue routes lies in the strength of the rebound that started from 1748.
Red Route: Recently, ETH will experience a minor level pullback, and after reaching the adjustment endpoint, it will rise again to complete the entire oversold rebound, and will then continue to look for a bottom. If this path is followed, ETH will break below 1748 and fall at least until the end of February.
Blue Route: If the upward movement starting from 1748 can strengthen, then this upward level may expand. In this case, ETH may only undergo a retracement instead of a new decline by the end of February or early March.
In conclusion, whether it follows the red or blue route, the upward movement that started from 1748 is likely a correction of the previous decline rather than a new rise. A larger upward movement may have the earliest opportunity to begin around the end of February to early March according to Gann time. A more precise timing will be calculated after the ongoing oversold rebound concludes. Interested friends, please stay tuned.
