February 1 ETH ($2331) Market Analysis (2026)

As of 2026-02-01 22:40 (Chongqing time), ETH is currently around $2331, in a low-volatility correction phase after weekend plunge, with a maximum 24-hour drop of over 11%, a low of about $2202, and currently showing signs of oversold rebound with weak momentum.
I. Core Market Overview

• Short-term trend: Clear downtrend on daily/4-hour charts, breaking below key support at 2450-2500, with 2331 in a weak zone between 2200-2500.

• Key levels (USD):

◦ Support: 2250 (strong), 2200 (extreme); below which look toward 2110.

◦ Resistance: 2450-2500 (first resistance), 2650 (near previous high).

• Indicators: RSI(14)≈26.5 (extremely oversold), short-term rebound expected, but insufficient volume and prone to sideways movement after overselling.

II. Main Causes of Decline (within 24 hours)

1. Macro expectations: Trump nominates Waller as Federal Reserve Chair, market worries about tightening monetary policy and a stronger dollar, putting pressure on risk assets.

2. Capital withdrawal: Continuous net outflows from BTC spot ETFs, weakening institutional buying, leading to ETH decline in tandem.

3. Leverage liquidations: Over 420,000 contracts liquidated across the network, with 94% long positions, forming a cycle of “decline → forced liquidation → accelerated fall.”

III. Trading Strategies (Current price: 2331)

• Spot trading: Light positions for trial, build gradually. Small positions in the 2250-2300 range, stop-loss below 2200; reduce positions on rebound to 2450-2500 to avoid chasing highs.

• Futures: Strictly control leverage (≤5x), short-term can take small long positions to catch rebounds, target 2450, stop-loss at 2280; avoid going long blindly before breaking above 2500.

• Risk management: Keep positions at ≤30%, set strict stop-losses to avoid heavy bottom-fishing.

IV. Future Outlook

• Short-term (1-3 days): Likely to oscillate and recover within 2200-2500, with a rebound after overselling, but limited upside until trend changes.

• Mid-term (1-2 weeks): If able to hold above 2500, potential rebound toward 2650-2700; if below 2200, further decline toward 2110 or even 2000 levels.