๐ Ethereum (ETH) Market Update โ Feb 4, 2026
Letโs break down whatโs happening with Ethereum in a clear and simple way ๐
๐น Price & Market Overview
Current ETH price: $2,215.49
Down 21% in the last 7 days
Down 28% over the past month
Trading 54% below its all-time high of $4,946.05 (Aug 2025)
Market Cap: $271.81B
24h Trading Volume: $46.34B, showing high activity during the dip
๐น Technical & On-Chain Signals
ETH is moving inside a falling trend channel, indicating bearish pressure
Most moving averages show a Strong Sell signal
On-chain data suggests weakening accumulation and fading buying momentum
Key levels to watch:
Resistance near $2,380 if support holds
Breakdown below $2,120 may push ETH toward $1,730
๐น Network & Ecosystem Updates
Vitalik Buterin shared that the original idea of Layer 2s acting as simple Ethereum โshardsโ is no longer effective
He emphasized that L2s should now focus on:
Privacy
Built-in oracles
App-specific designs
Non-financial use cases
Ethereum transfer activity is rising, which historically aligns with market stress periods
Ethereum has fully transitioned from Proof-of-Work to Proof-of-Stake (The Merge), reducing ETH issuance and reshaping long-term supply dynamics
๐ Final Thought Short-term sentiment looks weak, but Ethereumโs long-term development continues to evolve. Key support levels and network innovation will be crucial to watch from here.
