Ethereum (ETHUSD｜Daily) Technical Analysis｜2026.02.06

From the daily structure, ETH's current trend is weaker than BTC, with clear signals of a deteriorating trend. The price has currently retraced to around $1,870, which is a very critical position as it corresponds to the central region of oscillation that has repeatedly occurred over the past year, and is also the 'cost zone' for long-term bulls and bears.

First, looking at the structure:

After ETH peaked above $5,000 in 2025, it formed a typical head-and-shoulders pattern, with subsequent highs continuously declining (5000 → 4200 → 3500), and lows also moving downwards in sync, indicating that the daily line has entered a descending channel. Recently, this wave of decline has broken below the $2,000 integer level with increased volume, and the close did not quickly recover, indicating that it is not a simple washout, but rather that capital is actively retreating.

Key technical level assessment:

$2,000: Has turned from support to the first resistance level, with a high probability of encountering obstacles when rebounding to this level.

$1,850–$1,800: Current short-term support area, determining whether to enter an accelerated decline.

$1,500: Once $1,800 is breached, this is the core target for mid-term retracement.

$2,400–$2,600: Only if it stands back and consolidates, the trend could possibly repair.

In terms of rhythm, ETH's decline lags behind BTC, but the catch-up is more severe, which usually occurs when:

The market enters a mid to late-stage adjustment period, where capital prioritizes retreating from assets with higher β.

From an operational perspective, it is not suitable to emotionally bottom-fish here; a more reasonable strategy is:

Wait to see if there is 'stop decline + reduced volume + structural reconstruction' near $1,800; otherwise, it is better to remain in cash and wait.

In summary:

ETH has turned bearish after breaking below $2,000, with $1,800 being the lifeline for bulls. Before stabilizing, the focus should be on defense.