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Trend Research activity adds a critical layer to Ethereum’s evolving narrative as price action remains under heavy pressure near key technical support levels. With leverage being reduced amid a broader downtrend, is this positioning a defensive reset ahead of a reversal—or a signal that further downside lies ahead?
ETH Key Statistics
- Current Price: $2,241
- Market Cap: $272 billion
- Trading Volume (24h): $53 billion
- Circulating Supply: 120 million ETH
- Total Supply: 120 million ETH
- CoinMarketCap Ranking: #2
Ethereum has declined by 33.80% from its 30-day peak and 25.77% from its 7-day high. The downward trend remains aggressive, as the current price has even fallen 3.61% below its previous monthly minimum. Overall, ETH continues to trade at a deficit across all major short-term benchmarks.
ETH/USD Daily Market
Key Levels
- Support levels: $2,150, $2,000, $1,800
- Resistance levels: $2,300, $2,492, $2,895
On the ETHUSD daily chart as of February 2, 2026, Ethereum trades at approximately $2,241 with a recent sharp decline, Parabolic SAR positioned above price confirming the downtrend, and MACD deeply negative with bearish histogram bars signaling continued downward momentum. Key support levels stand at $2,150, $2,000, and $1,800, while three resistance levels to monitor are $2,300 (immediate overhead from recent consolidation), $2,492 (prior Elliott Wave pivot), and $2,895 (previous swing high area).
If price holds above $2,150 and shows reversal signs, a short-term bounce could target $2,300 first, with a decisive break above opening the path to $2,492 and potentially $2,895 in a broader recovery; however, if $2,150 fails, downside extension toward $2,000 becomes likely, and a break below that could accelerate selling pressure to $1,800 before any meaningful bottom forms.
Is ETH Testing a Make-or-Break Support Level Against BTC?
ETHBTC has broken down decisively, trading at 0.02917 as it breaches a major support level, with the Parabolic SAR dots positioned firmly above the price confirming a strong bearish trend. The MACD indicator is deep in negative territory and still descending, reflecting accelerating selling momentum.
The price is now testing the next critical support near 0.02875; a failure to hold here could trigger a swift decline toward much lower levels, leaving the market to question where significant buying interest might finally emerge to halt the slide.
Lookonchain: Trend Research Deleveraging ETH Holdings
A recent Lookonchain update reveals that Trend Research has deposited 33,589 ETH (≈$79M) into Binance over the past 20 hours and withdrawn 77.5M USDT to repay an Aave loan. The entity still holds a significant 618,045 ETH worth about $1.4B.
Trend Research is also selling $ETH to repay its loan on Aave.
Over the past 20 hours, they deposited 33,589 $ETH($79M) into #Binance, then withdrew 77.5M $USDT to repay the debt.
They still hold 618,045 $ETH($1.4B).https://t.co/e2L0pYGex3 pic.twitter.com/OOzFqpiqxk
— Lookonchain (@lookonchain) February 2, 2026
This partial liquidation to reduce leverage may add short-term selling pressure on Ethereum, yet the large remaining position indicates Trend Research is not fully exiting its ETH exposure—potentially reflecting cautious risk management rather than outright bearishness in the current market.
Ethereum’s February Turning Point: Technical Completion Meets Fundamental Strength
While Ethereum (ETH) has faced a staggering market-wide downturn entering February 2026—plummeting toward a multi-month low near $2,150 amid heavy ETF outflows and macro volatility—its fundamental core remains remarkably resilient. Institutional accumulation is hitting record levels, with firms like Bitmine and Trend Research aggressively adding billions in ETH to their treasuries, while on-chain activity has surged to over 2.7 million daily transactions.
Ethereum (ETH) – Elliott Wave Update
Technically, the recent decline appears largely complete per Elliott Wave analysis, with the short-term five-wave C-wave drop concluded and broader structure signaling exhaustion; key supports at $2,252, $2,118, and $1,818 have held amid volatility, while minor micro lows near $2,150 or $2,072 could still materialize before reversal. A convincing five-wave break above $2,492 would confirm the low is in, paving the way for a short-term bullish February via a potential B-wave rally in the bigger picture. Could this combination of technical exhaustion and strengthening long-term infrastructure finally spark Ethereum’s next major upside move?
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