Ethereum (ETHUSDT | Daily Level) Technical Analysis | 2026.02.04

From the daily structure, ETH's current trend is significantly weaker than Bitcoin, which is a typical characteristic of a secondary asset with 'insufficient rebound and deeper retracement.' The previous high formed a clear top in the 4,800–5,000 USD range, and the subsequent decline has seen the height of rebounds gradually decrease. The current price has retreated to around 2,250 USD, sitting at the middle-lower edge of the medium-term downward channel.

From a key structural perspective, 2,400–2,500 USD was originally an important platform support but has been effectively broken, now converting to the first resistance zone. Operating below this range indicates that the market's risk appetite for ETH is clearly insufficient, and funds are primarily focused on reducing positions rather than bottom-fishing. The short-term support below is at 2,200 USD; if the daily line continues to break down with increased volume, it is likely to probe 1,900–2,000 USD, which is the central point of the previous round of fluctuations and also the last line of defense for the medium-term bulls.

In terms of rhythm, ETH is currently still in a phase of trend-based decline, without typical panic volume spikes or rapid recovery candlesticks, indicating that the decline is not yet fully over. It is more likely to complete the bottoming process through 'gradual decline + weak rebound.' Only by stabilizing above 2,600 USD and forming a series of increasing bullish candlesticks will there be a possibility of structural strengthening.

Key Levels:

Support Levels: 2,200 / 2,000

Resistance Levels: 2,500 / 2,600

Summary: Ethereum's medium-term structure is weak. If 2,200 is lost, it will continue to fall towards 2,000. No trend reversal is expected before returning to 2,600.