Ethereum’s Price Plunge: Can It Bounce Back to $7,000?

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Ethereum had a little tumble below $2,000 last week-its first since May 2025-thanks to a stampede of grumpy gophers (aka sellers) trampling through the crypto garden. Bitcoin’s somersault into the $60,000 hole didn’t help, dragging ETH down like a toddler pulling a balloon until some kind-hearted buyers in diving suits jumped in at $1,753 to rescue the situation. Spoiler: They succeeded, and now ETH’s plotting a comeback.

The recovery was so sprightly it hopped back above $1,975, suggesting the drop was just a technical hiccup, not a full-blown meltdown. No one actually died, no protocols collapsed-just a bit of market mischief. Buyers are now flexing their muscles, hoping this bounce isn’t just a temporary truce in a long, boring war of sideways trading. Fingers crossed, or as we say in crypto: “Fingers crossed, but also holding a torch and a bucket of popcorn.”

Weekly Chart Signals Compression Ahead of a Breakout

This ETH weekly chart looks like a coiled spring, primed to either launch into the stratosphere or collapse into a puddle of disappointment. Since 2022, Ethereum’s been drawing higher lows like a child connecting dots, while stubbornly refusing to break through the $3,800-$4,000 wall. The recent flirtation with that zone? A classic trick by the market goblins to flush out unwary investors like a magician emptying a hat of rabbits. But fear not-the spring is still coiled, and the goblins haven’t won yet.

If ETH can cling to the $2,800-$3,000 life raft, it might just sail toward the $7,000 promised land. But if it slips below that, well… it’s back to the sandbox for everyone. A weekly close above $4,200 would be the market’s way of saying, “Surprise! Here’s a gold star.” Meanwhile, a weekly close below $1,700 would be the crypto equivalent of a party pooper knocking over the cake. Not fun for anyone.

Ethereum Price at a Decision Point

Ethereum’s current price is like a toddler teetering on a seesaw-stable, but not quite balanced. After fending off the $1,750-$1,900 bear trap (a.k.a. the “macro support zone”), ETH bounced back above $1,950, but it’s still being tripped up by the $2,150 speed bump. Bulls better bring a ladder if they want to reclaim that spot, or the bears will just keep throwing confetti at their feet.

From a bird’s-eye view, the weekly chart still looks optimistic, but optimism is a fickle friend. The lack of a strong follow-through move is like a magician forgetting their wand-meh. And the repeated bounces off resistance? That’s the market whispering, “Not today, darling.”

As long as ETH stays above $1,750, the game continues. But if it falls below $1,700, the market might just throw a tantrum and demand a refund. On the flip side, if it cracks $2,150 and then $2,600, the bears better start packing their umbrellas-because a sunny breakout is on the horizon.

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2026-02-06 20:47