Ethereum (ETH)’s price action has attracted the attention of crypto investors and market analysts amid further price declines. Today, ETH recorded a 7.1% decline, making its price currently trade at $2,239 on Monday, February 2, 2026. With the pullback, the altcoin has dropped into the $2,250–$2,100 price zone, which has functioned as a key support range for the asset over the past two years, according to observations from market analyst Ali Martinize.
According to a revelation disclosed today by Ali, Ethereum is currently trading in a crucial support zone that the analyst has monitored for more than two years. As per the analyst, this region will determine ETH’s next significant move.
Analyst View: Ascending Parallel Channel Confirmed
Based on the analyst’s projection, Ether is likely to sustain its price above this support zone, a region that traditionally serves as a catalyst in setting up rallies towards the 2,700-$3,000 target.
As indicated in the ETH’s monthly chart, Ethereum is forming an ascending parallel channel, as illustrated in the analyst’s data. This pattern is characterized by a price action contained between upward-sloping parallel lines. While the lower trendline functions as a support for the asset price, the upper trendline acts as resistance.
As it is seen in the chart, the ETH price has touched the support two times, confirming the formation of the ascending parallel channel. Currently, Ether price has retested the upper edge of this support zone, with Ali believing that holding this region tightly without dropping down, Ethereum will rally from there.
The ascending parallel channel doesn’t happen by accident; it signals a possible movement for Ethereum. A drop to the $2,250–$2,100 region is an important retest that will function as a catalyst for its new price target, according to the analyst, as he believes that the zone is a good risk-reward opportunity for investors.
ETH Falls as Crypto Market Volatility Persists
Currently trading its price at $2,239 today, Ethereum has fallen with the crucial $2,250–$2,100 support level (recognized by Ali), a reflection of a wider weakness currently being noticed in the larger crypto market following Bitcoin’s recent price drops. This decline raises fears among investors and traders about a possible change in near-term momentum for the largest altcoin.
Despite displaying resilience when Bitcoin started its earlier correction, Ether now seems to be embracing a similar downtrend pattern because of profit-taking activity among long-term investors. The ETH price drop is also fueled by cautiousness among crypto investors after a robust uptrend experienced in recent weeks, with the latest Bitcoin fall causing its price to currently stand at $77,364. Technical indicators show that Ether was overbought, another catalyst that triggered the pullback.
Since no major negative news development has directly triggered the decline, the drop appears to be a result of a market cooldown after recent rallies. According to Ali, this market decline presents a buying opportunity for strategic investors.
