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ETH struggles below $2,300, but analysts believe there’s more pain ahead.
The largest altcoin was hit hard over the past few weeks, dropping from over $3,000 to a multi-month low of $2,100.
Despite this substantial double-digit crash in the span of mere days, though, a few popular analysts recently indicated that the bottom has not been reached yet.
One of them, going by the X handle CW, indicated that ETH plummeted to a major buying wall at $2,100. If it’s to reverse anytime soon, the first significant sell wall is at $2,560.
Ali Martinez based his bottom prediction on the Market Value to Realized Value (MVRV) band, a metric that helps identify potential trend reversals.
He said that Ethereum has historically bottomed out when it dropped below the 0.80 MVRV band. If history repeats itself now, it would result in a price drop to just under $2,000.
Ethereum $ETH bottoms have historically formed below the 0.80 MVRV band.
Today, that level is near $1,959. pic.twitter.com/cgcuy2OgvI
— Ali Charts (@alicharts) February 4, 2026
Crypto Tony shared a similar opinion. The analyst with over 560,000 followers on X noted that ETH could go down to the major support and psychological level of $2,000 before it rebounds decisively.
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His chart is quite optimistic as it shows a quick surge to $3,600 before another calamity to yearly lows at $1,500 by the summer of 2026. However, the 1-week macro chart is highly bullish as it predicts a massive run to new all-time highs above $6,000.
Personally i am looking for a bottoming to come in at $2000 level. Major support zone and a psychological level. pic.twitter.com/8VGHOQOx9t
— Crypto Tony (@CryptoTony__) February 4, 2026
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