Crypto: Ethereum Loses $3k Again: How Low Can ETH Price Go In February?

ETH price charts confirmed a triangle breakdown, shifting the near-term bias lower and putting $2,250 in focus if sellers stay in control.

Ether (ETH) is now more than 14% below its local peak near $3,400, underscoring the sellers’ tenacity above $3,000. A bearish technical setup suggests the pressure may extend into February.

ETH fell back below $3,000, confirming a triangle breakdown that targets $2,250.

The bearish scenario can be avoided if ETH breaks above a multimonth moving average resistance.

On Thursday, ETH fell about 2.85% to around $2,920 after the Federal Reserve held rates steady at its first policy meeting of the year, with rising Iran-related geopolitical tensions adding to the risk-off mood.

The latest drop has put Ether into the breakdown phase of its symmetrical triangle setup.

ETH dropped below the pattern’s lower trendline last week, then rebounded to test that former support as resistance. The retest failed, and the price stayed capped beneath the trendline into this week.

In technical analysis, a break below support followed by a rebound and rejection often signals that sellers have flipped the level into resistance, raising the odds of further downside.

ETH’s price could decline toward the measured target near $2,250, a decrease of approximately 25%, by mid-February if the breakdown continues.

This bearish outlook could be invalidated if ETH flips the triangle’s lower trendline back into support.

Source: CoinTelegraph