PANews reported on February 4th that, according to Cointelegraph analysis, Ethereum's price faces the risk of falling below $2,000 in February. Technical charts show that ETH has entered a breakout phase of an inverted cup and handle pattern, with a downside target of approximately $1,665, representing a potential drop of about 25% from current levels. Historically, the inverted cup and handle pattern has achieved its downside target with a success rate of approximately 82%. Furthermore, Ethereum's on-chain MVRV extreme deviation price band lower rail is currently around $1,725. Historically, ETH's price has repeatedly bottomed out and rebounded near or below this indicator lower rail, such as the 90% rebound within a month after testing around $1,390 in April 2025.

The current ETH price rebound has been capped at the 20-day and 50-day exponential moving averages. Meanwhile, rising risk aversion among traders in the crypto market at the macro level exacerbates the downside risk. Analysts suggest that ETH may test $1725 or lower in February, largely coinciding with the downside target of the inverted cup and handle pattern.