Ethereum has fallen below the $2,000 level again, extending its recent downturn. Over the past 24 hours, the price dropped around 3%, while the weekly decline stands near 14%. On a monthly basis, losses have reached almost 38%, placing ETH in what many technical traders describe as oversold territory.
he Relative Strength Index (RSI) currently sits at 29 on the 14-day setting, with the shorter 7-day RSI at 27. The Money Flow Index (MFI) is also low at 24, reflecting reduced buying pressure. At the same time, the Average Directional Index (ADX) at 53 signals that the ongoing downtrend remains strong.
Read also: From Panic to Peak: Ethereum’s 2025 Story
Key Levels to Watch
From a technical perspective, Ethereum is trading close to the lower Bollinger Band, positioned near $1,634. This area may act as short-term support. If selling pressure continues, attention shifts toward the full 100% Fibonacci retracement level around $1,748.
On the upside, the 78.6% Fibonacci retracement near $2,157 represents an important resistance zone. A move above this level would indicate improving momentum. Traders will also monitor whether RSI and MFI begin to rise from current lows, as this could suggest easing downside pressure.
Read also: Vitalik Buterin: Layer 2s Are No Longer Essential for Ethereum Scaling
BitMine Still Confident
Despite the recent weakness, corporate interest remains active. BitMine reported weekly purchases of 40,613 ETH for the week ending February 9, 2026. The company now holds 4,325,738 ETH, valued at approximately $2,125 per token at the time of reporting.
Chairman Thomas “Tom” Lee stated that 2.9 million ETH are currently staked, representing around 67% of BitMine’s total Ethereum holdings. He also noted that while ETH prices are down 62% from 2025 highs, network activity has reached record levels, with daily transactions and active addresses hitting new all-time highs in 2026.
