Ethereum loses $3K again: How low can ETH price go in February?

Ethereum (ETH) experienced significant downward pressure this week, decisively breaking the crucial psychological support level of $3,000. This retreat comes amid broader market weakness, driven primarily by ongoing macroeconomic concerns, including sustained inflation fears and the Federal Reserve’s aggressive stance on interest rate hikes. Technically, the breakdown below $3,000 has triggered further selling. ETH is now testing the immediate support zone around $2,800, a level that served as strong consolidation territory earlier this year. If the bears maintain control and fail to hold this zone, the next major technical floor is located at $2,650, which aligns closely with the 200-day Exponential Moving Average (EMA).

Analyst consensus suggests that the lowest ETH could feasibly go in February, barring a catastrophic black swan event, is the $2,500-$2,600 range. This zone represents the key accumulation area from last fall’s volatility. However, if selling pressure intensifies—perhaps fueled by unexpected regulatory action or a sharp spike in U.S. Treasury yields—the ultimate downside target would be the critical $2,300 level. This floor acted as crucial support during the mid-2021 market correction.

Fundamentally, while Ethereum’s long-term outlook remains bullish due to continued scaling and infrastructure development, short-term price action is dominated by external market fear. Until Bitcoin stabilizes and the general risk-off sentiment subsides, ETH remains highly vulnerable to downward momentum. Investors should closely watch the $2,650 support level; losing it makes a swift retest of $2,300 highly probable before the month ends.

Source: Ethereum loses $3K again: How low can ETH price go in February?