Analysis: The risk of ETH falling below $2,000 has increased; technical patterns and on-chain indicators point to a $1,665-$1,725 ​​range.

Ethereum's price faces further downside risks in February. Technically, ETH has entered a typical "Inverse Cup and Handle" pattern breakout phase. If the pattern completes, the target price is around $1665, representing approximately 25% downside from current levels. Looking at the price action, ETH broke below the neckline of the pattern around $2960 in January, subsequently rebounding to test that level but encountering resistance and falling back. It also failed to regain the 20-day and 50-day EMAs, which have now become significant resistance levels. Multiple technical signals are converging, reinforcing the expectation of continued short-term declines. On-chain data is also bearish. The extreme deviation of the MVRV indicates a potential downside target for ETH around $1725, and further declines cannot be ruled out. Historically, ETH has repeatedly bottomed out and rebounded only after touching or breaking below the lower MVRV line. At the macro level, market risk appetite for crypto assets has declined, with some traders worried about a potential overall correction similar to the past "four-year cycles" in 2026. Meanwhile, expectations of a possible bursting "AI bubble" have also prompted funds to avoid high-risk assets, exacerbating the downward pressure on ETH. (Cointelegraph)