Ethereum Price, Transfer Activities, and Elliot Wave Pattern
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Recently, the market for Ethereum has witnessed a huge fall. In under 24 hours, the Ethereum price has plummeted over 7%, crashing to $2,111 as a broad sell-off hits the crypto market.
Meanwhile, analysts are of the opinion that Ethereum may have the chance to gain upside traction if Bitcoin regains its position above $70k despite the correlation with the Nasdaq-100 and a massive liquidation of leveraged positions.
Currently, Ethereum trades at $2,097.60 with over 508.14k traded volumes on the daily timeframe.
Technical Indicators
Major Resistance Levels: $2,111, $2,250, and $2,400
Major Support Levels: $2,000, $1,800, and $1,650
High Ethereum Transfer Activity Signals Potential Peak
According to the post by @CoinGapemedia on X moments ago, it was revealed that data sourced from Cryptoquant shows that Ethereum’s transfer activity has increased massively above its 14-day Simple Moving Averages (SMA) of 1.17 million. By implication, this development suggests activities in 2018 and 2021 are about to recur as selling pressure intensifies.
📊 INSIGHT: Ethereum’s transfer activity has surged to 1.17M (14-day SMA), a zone last reached around major market tops in 2018 and 2021, according to CryptoQuant.
Historically, spikes at these levels have aligned with heightened volatility and signs of distribution pressure. pic.twitter.com/KjH8aSfMqL
— CoinGape (@CoinGapeMedia) February 5, 2026
Technical Analysis
Technically, Ethereum against Tether on the daily timeframe presents a waterfall view. The Ethereum price has failed to stabilize above $2,100 as a lack of buying volume pushes it near $2,000.
On one side, Ethereum has drifted below the SMA, and for recovery to be confirmed, the $2,242 level must be reclaimed.
On the other hand, the Stochastic RSI suggests the bears are in control, as fundamentals suggest increasing Ethereum transfers in recent times. To this end, the $1,800 is the only stronghold for a turnaround to occur.
Ethereum Elliot Wave Update
Ethereum is currently declining, but expectations around $2,250 in the coming sessions are high. However, it appears that the token may crash towards $1,818 with the formation of a bullish divergence on the 4-hour chart.
Additionally, for a five-wave impulsive move to be confirmed, $2,400 must be broken. Meanwhile, at the time of writing, Ethereum underperforms Bitcoin. This suggests the token is a high-risk investment until the formation of higher highs is seen.
ETH/USDT Analysis: Intraday Ethereum Price Volatility and Oversold Signals
On the 4-hour chart, Ethereum price exhibits the same view as the daily, with the price operating under the formed dynamic resistance of the SMA. Meanwhile, activities beneath the chart suggest tides may be changing. The indicator suggests ETH/USDT may be oversold, and a move to the north may be spotted soon.
To this end, the $2,250 resistance must be clear for a sustained upside push. Meanwhile, if this level is not reclaimed, sell pressure as a result of increasing ETH transfers may shift the price further downward.
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