Ethereum price prediction is in sharp focus as ETH trades at $2,203, down 4.48% over the past 24 hours.
It is facing an important technical test after a sharp weekly decline pushed its price toward the $2,150 level, a zone that has acted as a long-term pivot across multiple market cycles. The move has drawn close attention from traders and analysts because both chart structure and on-chain valuation models suggest this area may determine whether ETH stabilizes or extends its current correction.
The sell-off follows broader weakness across crypto markets, with Ethereum underperforming key moving averages on higher timeframes.
Weekly Chart Highlights a High-Stakes Support Zone
According to market analyst Cheds Trading, Ethereum has printed a decisive bearish candle that cut through short-term trend indicators on the weekly chart and returned price to a horizontal range that has defined major swings since 2022. Cheds described the $2,150 region as the most important level on Ethereum’s long-term chart, noting that repeated interactions with this zone have previously marked both reversals and breakdowns.
$ETH holds here or $1500 range incoming
$2150 zone most important level in the entire chart, for its entire history pic.twitter.com/OwKXlFpBwB
— Cheds Trading (@BigCheds) February 3, 2026
The recent decline followed multiple rejections near the upper end of the cycle range around $4,000 to $4,600. From there, ETH rolled over from the upper Bollinger Band and slipped below key weekly moving averages, including the 8-week and 34-week lines. The 50-week average now sits overhead as resistance, while a rising long-term trendline from the 2022 low intersects near current levels, compressing price into a narrow decision area.
Volume expanded during the sell-off, and weekly closes near the lower end of the candle range point to sustained selling pressure rather than a brief pullback. This behavior has reinforced concerns that the market is transitioning from consolidation into a broader corrective phase.
On-Chain Valuation Bands Signal Historical Stress Levels
Beyond price charts, on-chain data adds another layer of context. Glassnode’s Market Value to Realized Value (MVRV) pricing bands show Ethereum moving closer to levels historically associated with cycle bottoms. Analyst Ali Charts highlighted that, in previous downturns, ETH has often found durable lows after dipping below the 0.80 MVRV band.
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
This valuation threshold currently maps to a region just under $2,000, reflecting the network’s rising cost basis over time. During past drawdowns, price spent extended periods near this lower band before reclaiming higher valuation zones as market conditions improved.
Broader Implications for the Market
The convergence of technical and on-chain signals underscores the importance of the current range for Ethereum and the wider crypto market. As the second-largest blockchain by market capitalization and a core platform for decentralized finance and smart contracts, ETH’s ability to hold or lose long-term support can influence sentiment across altcoins and related ecosystems.
As suggested by Leon Waidmann, ETH is still the most undervalued crypto since 2019. Many analysts remain optimisitic, emphasizing that the $2,150 area represents a boundary between potential stabilization and further downside exploration. Market participants are closely monitoring how Ethereum behaves around this level as broader macro and crypto-specific conditions continue to evolve.
ETH is officially the most undervalued it has been since 2019.
Ethereum network activity just hit ALL-TIME HIGHS while the price sits 50% below peak.
Price down 50%, usage up 300%!
This is the same setup from January 2019. Just way way bigger.
January 2019:
Price was in the… pic.twitter.com/bwepT7QCAq— Leon Waidmann (@LeonWaidmann) February 4, 2026
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