As of February 3, 2026, Ethereum (ETH) is navigating a volatile recovery phase. After a sharp January decline to the $2,100–$2,200 zone, the price has stabilized around $2,310–$2,350. While on-chain activity remains at record highs, macro pressures like gold's dominance and regulatory uncertainty are currently capping immediate gains.

Possible Next Move

The short-term trend is a cautious rebound. Analysts suggest that if ETH can decisively break and hold above the $2,396 level, it could trigger a "Change of Character"
(CHoCH), leading to a rally toward $2,600 and eventually $2,800. However, failure to clear this resistance may lead to a retest of the $2,150 psychological floor.

Pro Tip: Keep an eye on the RSI (currently near 30–37 on higher timeframes). This "oversold" signal suggests that the selling pressure is exhausted, making a move toward $2,400 more likely today.

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