Ethereum Price Today: ETH Slides Near $1,910 After Breaking $2,000 as Crypto Selloff Intensifies
Ethereum is getting hit hard in the latest wave of crypto selling, dropping back toward the upper-$1,000s and briefly trading near levels not seen since mid-2025. As of February 5, 2026 ET, ETH was around $1,910, down about 10.6% on the day after ranging from roughly $2,139 to $1,757. The speed of the move is what’s unnerving traders: this is not a slow bleed, it’s a sharp repricing that’s pulling liquidity out of the entire complex.
What happened to ETH price today
ETH fell through the psychologically important $2,000 level during a broader market drawdown that also pushed bitcoin sharply lower. Once key levels broke, selling accelerated as leveraged long positions were forced to unwind. That matters because a large share of crypto activity is still driven by derivatives. When the market moves against crowded positioning, it can turn into a mechanical cascade: margin calls trigger forced liquidations, which push prices lower, which triggers more liquidations.
In today’s tape, ETH’s intraday range tells the story. A low in the mid-$1,700s suggests stress selling rather than ordinary profit-taking, while the bounce back toward $1,900 points to short-covering and dip buying that’s still tentative.
Why is Ethereum dropping
Several drivers are stacking on top of each other at once:
Risk-off mood is dominating
Crypto often trades like the highest-beta corner of risk assets. When investors turn cautious about growth, liquidity, or the outlook for big tech, crypto typically takes outsized hits. ETH is especially sensitive because it sits at the center of the “innovation” narrative in digital assets.
Leverage unwind is amplifying the move
When prices fall quickly, leveraged positions can unwind faster than spot buyers are willing to step in. That imbalance creates the “air pocket” effect: fewer bids, more forced sells, larger candles.
ETF flow psychology is a headwind
Even when the fundamentals of the network are unchanged, the market watches flows as a confidence signal. Recent weeks have featured choppier demand and episodes of redemptions in the ETF channel, which can worsen sentiment in a selloff and reinforce the idea that “big money is leaving,” even when the picture is mixed day to day.
Rotation to perceived safety
During sharp drawdowns, some investors reduce exposure to volatile assets and move toward cash-like instruments or traditional hedges. When that happens, ETH can trade less like a “tech platform” and more like a funding source to raise liquidity quickly.
Ethereum vs. bitcoin: why ETH can fall faster
Bitcoin tends to act like the benchmark risk asset in crypto, but ETH often moves more violently because it’s tied to a broader set of narratives: network activity, fees, on-chain demand, and the health of the app ecosystem built on top of it. In plain terms, ETH has more “reasons” to be bought in good times and more “reasons” to be sold in bad times.
Today, bitcoin traded near $64,914, down about 9.8% on the day, after dipping to roughly $60,297. ETH’s percentage decline was larger, which fits the classic pattern: in a deleveraging event, high-beta assets usually lead on the way down.
Behind the headline: what the market is really debating about ETH
This is not just a one-day price story. It’s a referendum on what investors think Ethereum is right now.
Is ETH a growth asset or a settlement asset?
When markets are calm, Ethereum is treated as the backbone for a huge range of token activity and financial applications. When markets are stressed, it trades like a speculative tech proxy. The tug-of-war between those identities is widening.
Can network upgrades and scaling progress overcome cyclical risk?
Ethereum’s roadmap and the broader scaling ecosystem remain important to long-term believers. But in the short run, macro conditions and positioning can overwhelm that progress. Traders are watching whether fundamental optimism returns only after volatility cools.
Who is forced to sell?
The crucial question in a crash is not “who is bearish,” but “who has to sell.” If the move is dominated by forced liquidation, the selling can stop suddenly once leverage is cleared. If it’s dominated by discretionary de-risking, it can persist longer.
What we still don’t know
Three missing pieces will decide whether today becomes a reset or the start of a deeper leg down:
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Whether liquidation pressure is fading or still building
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Whether ETH can reclaim and hold the $2,000 level within a few sessions
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Whether broader risk assets stabilize, giving crypto room to breathe
What happens next: 5 realistic scenarios for ETH
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Stabilization and choppy consolidation
Trigger: liquidation flow cools and ETH holds above the mid-$1,700s. -
Relief bounce toward broken resistance
Trigger: shorts cover and dip buyers return, pushing ETH back toward the low-$2,000s. The test is whether it holds. -
Another washout leg
Trigger: renewed risk-off selling in broader markets or another derivatives flush that forces more de-risking. -
Sideways drift with high volatility
Trigger: buyers appear, but conviction remains low, creating whipsaws rather than a trend. -
A trend turn higher
Trigger: calmer macro conditions plus sustained inflows and improving sentiment, not just a one-day bounce.
Why it matters
Ethereum’s drop is a reminder that in crypto, structure can matter as much as story. Even strong long-term narratives can get steamrolled in the short run by leverage, liquidity, and cross-asset fear. The next few trading sessions should reveal whether this was primarily a forced unwind that can stabilize quickly, or a broader confidence reset that keeps pressure on ETH and the wider market into the second half of February.
