$ETH – Following BTC’s Sharp Sell-Off
Ethereum mirrored Bitcoin’s massive drop, falling from ~$2,400+ highs in late Jan/early Feb to $1,700–$1,800 lows during the Feb 5–6 market crash, wiping trillions in market cap and triggering extreme fear. It’s now bouncing to ~$1,950–$2,060 after a +5–12% relief rally, with recent closes around $2,055–$2,062.
This appears to be a classic dead-cat bounce within a broader downtrend:
Key prior supports (~$2,100–$2,200) are now acting as resistance.
Failed to hold the $2,268–$2,360 zone.
Price remains below $2,500 psychological level, under 50/200 SMAs, with bearish momentum and continued negative ETF flows.
Sentiment: Oversold relief squeeze is temporary; short-term overbought conditions signal fade potential. Analysts watch for further declines toward $1,800–$1,500 if support breaks.
Speculative Short Setup (1H/4H, NFA):
Entry: $2,050–$2,100 (fade into resistance cluster)
Stop Loss: $2,150–$2,180 (above recent swing high)
Targets:
• TP1: $1,900–$1,850 (prior lows/support)
• TP2: $1,800–$1,750 (psychological + deeper support)
• Stretch: $1,500–$1,600 (if panic resumes)
Momentum favors the downside continuation, with relief rallies likely to be short-lived.
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