Ethereum weakens after Bitcoin plunge, downside risks build

• Ethereum price is trading inside a huge channel on the monthly chart.
• Bitcoin’s crash to $60,000  dragged ETH to its intraday lows.
• After falling to lows of $1,748, ETH risks another leg down.

Ethereum’s price hovers above $1,960 as of writing on February 6, 2026.

This follows a sharp downturn in the past 24 hours, with the top altcoin crashing to lows of $1,700 amid broader market turbulence.

Bitcoin’s crash to $60,000, before rebounding to $67,000, dragged ETH to its intraday lows.

All the top altcoins, including Solana, BNB and XRP, fell sharply amid the bloodbath.

Ethereum price recap

Ethereum fell below $1,800 on Thursday, marking its weakest level since mid-2025 as heavy selling pressure intensified.

The decline followed a sharp drop in Bitcoin to around $60,000, which sent shockwaves through the broader crypto market.

Although prices have since recovered above $1,900, continued ETF outflows and a prevailing risk-off environment suggest bullish momentum remains fragile.

Ethereum is down more than 29% over the past week and about 40% over the past month, underscoring the depth of the recent sell-off.

ETH price prediction: could bears target $1,000 next?

Although bulls are targeting a move back above $2,000, the monthly chart points to a fragile price structure.

The chart paints a massive range with $4,900 forming the top established during the past bear cycle.

At the lower end, the parallel channel suggests potential downside toward the $1,000–$1,200 zone.

At present, the $1,800–$1,900 area aligns with support levels seen in April and May 2025, which were tested after ETH retraced from highs of around $4,100 in December 2024.

This overlap reinforces the zone’s importance in determining near-term price direction.

Analysts see this as a critical support zone, but if sellers breach it, it could give way to a downturn to levels untested since Ethereum’s 2022 bear market bottom.

As such, bulls must eye a notable bounce above $2,000. If this happens, the next targets lie in the $2,250-$2,700 range.

However, a breakdown below $1,800 risks testing $1,700 again.

This week’s breakdown aligns with a similar breakdown in March-April 2025, which put prices beneath a key uptrend line formed since the bullish flip in April 2020 after the COVID crash.

With bears having touched the mark already amid current bearish conditions, the picture isn’t in favour of bulls.

A revisit could open up a path to the multi-year demand reload zone around $1,250-$1,000. This area represents untapped liquidity from the 2022 lows.