Ethereum Slips Below $3K Once More: What's the Downside Target for ETH This February?
Technical analysis reveals ETH has completed a triangle pattern breakdown, creating a bearish near-term outlook with potential decline to $2,250 should selling momentum persist.
Ethereum's native token (ETH) has retreated over 14% from its recent high around $3,400, highlighting persistent selling pressure whenever prices venture above the $3,000 threshold. Technical indicators point to a bearish formation that could drive further weakness throughout February.
Key takeaways:
- ETH has dropped beneath the $3,000 level once again, completing a triangle pattern breakdown with a technical target of $2,250.
- Bulls could invalidate the bearish outlook by reclaiming prices above critical multimonth moving average resistance zones.
Ethereum completes textbook symmetrical triangle breakdown pattern
During Thursday's trading session, ETH experienced a decline of approximately 2.85%, settling near the $2,920 mark following the Federal Reserve's decision to maintain current interest rates at its initial policy gathering of the year, while escalating geopolitical concerns related to Iran contributed to broader risk-averse market sentiment.
This recent pullback has confirmed Ether's entry into the breakdown stage of its symmetrical triangle formation.
The cryptocurrency breached the pattern's lower boundary line during the previous week, subsequently attempting to rally back and test that former support zone as new resistance. This retest attempt proved unsuccessful, with prices remaining suppressed below the trendline throughout the current week.
Within the framework of technical analysis, a breakdown beneath support followed by a recovery attempt and subsequent rejection typically indicates that selling forces have successfully converted the level into resistance, thereby increasing the probability of continued downward price movement.
Should the breakdown pattern persist, ETH's value could decrease toward its measured downside objective around $2,250, representing roughly a 25% decline, potentially reaching this level by the middle of February.
Is there a pathway for Ethereum bulls to prevent the selloff?
The bearish technical projection could be negated should ETH successfully convert the triangle's lower boundary line back into a support zone.
Following such a recovery, bulls would require sustained momentum above the 200-3D EMA positioned near $3,065 (blue) and, crucially, the 50-3D EMA (red), which has acted as a ceiling for every rally attempt beyond $3,000 since November 2025.
A decisive recapture of these technical levels would indicate the breakdown has proven unsuccessful.
Such a development would mirror the 2024 price action pattern, during which ETH temporarily broke below a comparable formation before staging a reversal to the upside after successfully reclaiming its crucial moving average indicators.
This scenario would also correspond with multiple optimistic Ethereum forecasts projecting record-breaking highs during 2026. Among these projections is crypto analyst Annie's expectation of ETH reaching $10,000, driven by a bullish Wyckoff accumulation model structure.
Additionally, Standard Chartered has published a forecast predicting ETH will reach a price of $7,500 during the same timeframe.