Ethereum Daily Market Update - Feb. 08, 2026
Ethereum is currently in a short-term recovery phase after a sharp sell-off, but the market is still fragile and highly level-dependent. Price dropped aggressively toward the 1,740 area, where strong buying interest appeared and pushed ETH back above 2,000. That reaction confirmed the presence of demand at lower levels and stopped the immediate downside continuation.
After the rebound, ETH moved up toward 2,120–2,125, but failed to hold above that zone and pulled back again. The current price action around 2,060–2,080 shows consolidation rather than weakness. This tells us the market is digesting the recent move, not reversing it yet. Buyers are still defending, but momentum has slowed compared to the initial bounce.
From a higher-timeframe perspective, the broader structure remains damaged. ETH is still trading well below previous value areas and major breakdown zones. Because of this, the current move should be treated as a recovery inside a larger downtrend, not a confirmed trend reversal. That makes level selection and patience critical.
Key support zones:
2,000 – 1,980 (most important intraday support)
1,900 – 1,920 (stronger support from the rebound base)
Holding above 2,000 keeps the recovery structure intact. A clean loss and acceptance below 1,980 would weaken the bounce and reopen downside risk.
Key resistance zones:
2,120 – 2,150 (near-term resistance)
2,180 – 2,230 (stronger resistance and prior breakdown area)
My suggestion:
I am not looking for shorts while ETH holds above 2,000. The market has already shown buyers defending this area. The correct approach today is to wait for pullbacks into support for controlled longs, rather than chasing price higher. If ETH fails to hold 1,980, I would step aside and reassess. Until then, ETH remains in a controlled recovery phase, where patience and level-based decisions matter most.
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