Singapore, Feb 6, 2026, 01:56 (GMT+8)
- Ether dropped roughly 8%, hitting about $1,955 as it tested the $2,000 mark, while bitcoin also dipped.
- Analysts remain divided: some see the drop as a washout priming a bounce, while others warn of a deeper slide toward the mid-$1,000s.
- A press release introduced a crypto project centered on payments, aimed at Ethereum holders, set to launch on Feb. 9.
Ether dropped roughly 8% on Friday, hitting $1,955 after dipping to a low of $1,935. Bitcoin also fell, sliding to $66,424 amid a wider crypto selloff.
This matters because $2,000 has turned into a key psychological barrier for Ethereum, the world’s second-largest cryptocurrency. When prices dip below such round numbers, it often sets off stop-loss orders and forced selling—especially in a market heavy on leverage and that never sleeps.
This comes at a tricky time for the broader crypto space: the longer Ether lingers under $2,000, the tougher it becomes for smaller Ethereum-based tokens to draw in new risk capital. At least, that’s the hypothesis. Traders are about to put it to the test.
On-chain data shows the decline is putting Ether holders’ resolve to the test. Ether dropped to a year-to-date low of $1,927 on Thursday. Meanwhile, “mid-sized” wallets trimmed their positions, even as bigger holders boosted theirs, a Cointelegraph piece on TradingView reports. The report also noted a surge in exchange inflows and cited crypto analyst Pelin Ay, who warned this might mark the onset of a “true bear season” for Ether. TradingView
On Investing.com, a technical analysis suggested Ether has hit a long-term trendline near $2,150. The RSI, a momentum indicator traders rely on to identify “oversold” conditions, dropped to levels that historically signal good entry points—excluding the 2018 bear market. Dr. Arnout ter Schure noted that if this trendline breaks, the next support could be around $1,450. On the upside, a longer-term target might still reach about $6,200. Investing.com India
A third-party post on Binance Square from BitcoinWorld took a gloomier view, highlighting an “inverse cup and handle” pattern — a bearish technical setup — with potential downside targets between $1,665 and $1,725. The post also pointed to the MVRV ratio, an on-chain metric comparing a token’s market value to the average cost basis of recently moved coins, suggesting selling pressure might continue. Binance
With Ether losing ground, some newer projects are leaning into the chaos to boost their profile. A press release on Digital Journal highlighted early Ethereum backers turning their focus to Remittix, pointing to “record-breaking” wallet downloads and promoting a platform launch set for Feb. 9, plus a 300% presale bonus. However, no specific download numbers or third-party confirmation were provided. Digital Journal
Bitcoin’s decline has intensified the sell-off. Ether usually follows the wider market during steep risk-off moves, even if its network activity and product news remain muted.
Technical signals can remain “oversold” well beyond traders’ expectations, and key levels often break quickly when liquidity dries up. The on-chain picture isn’t much clearer: whale buying may soak up selling pressure temporarily, then vanish. Promotional presales complicate things further, with marketing claims often outstripping what can be verified.
Right now, the market’s focused on a few key levels: $2,000 comes first, followed by the mid-$1,700s highlighted by bearish patterns, and then $1,450 serving as a deeper support in long-term charts. Ether’s ability to push back above $2,000 soon could determine if this is just a quick drop or the beginning of a more prolonged slide.
