Ethereum (ETH) Technical Setup Points to $2,400 Target Amid Market Volatility

Ethereum (ETH) is trading within a tight range below the $2,350 level on Tuesday, February 3, 2026. This shows indecision in the crypto market, according to crypto analyst Ted. This can also be confirmed by the price action, where the price of the token has been unable to rise above the key resistance levels due to failed attempts by buyers to rise above these levels.

Due to the absence of demand, the price of the token has been unable to rise above the resistance level of $2,400. This has caused the price of ETH to trade within a tight range, and the market is trading cautiously due to the absence of confirmation from short-term indicators.

Source: Ted X Post

Without a definitive move above $2,400, bearish pressure will continue to be felt in ETH’s near-term market structure. Influxes to exchanges and low market engagement are keeping the market subdued as traders wait for a definitive move.

Also Read: Ethereum (ETH) Expands Stablecoin Market Share as TRON Declines

Ethereum Weekly Chart Signals Downside Pressure

As per TradingView, on Tuesday, February 3, 2026, ETH’s weekly chart is still bearish since it has not been able to hold the $3,000-$3,400 zone, a previous significant support area for the token. It has now been moving lower towards the $2,277 level with lower highs and lower lows, further supporting its downtrend.

The price is now moving towards the $2,200-$2,000 zone, a previous significant support area for ETH’s consolidation. The token may face further downside risks since the selling pressure is still high.

Source: TradingView

The momentum indicators are in line with the bearish pattern. The Relative Strength Index (RSI) is currently trading around 35, well below the 50 level, which is a neutral position, suggesting weak bullish momentum.

Meanwhile, the MACD continues to be in negative territory with expanding red bars on the histogram, indicating that bears are still in charge. It is possible for stabilization to happen in the short term, but indicators are still favoring the bears.

Institutional ETH Transfer to Binance Raises Supply Fears

Despite this bearish price action, data from Lookonchain showed that Trend Research deposited another 20,000 ETH, worth around $46.5 million, into the Binance exchange on Tuesday, February 3, 2026. Large transactions to exchanges are often of interest, as they can be indicative of possible selling plans.

The timing of these deposits also sparks concern about near-term supply pressure, especially as ETH continues to fight for momentum. This type of inflow in the past has been seen as a sign of volatility and consolidation.

Source: Lookonchain X Post

According to Lookonchain, the ETH might be used for settling outstanding loans or for liquidity management within the treasury. This indicates an overall conservative strategy for using leverage, especially considering the overall uncertainty within the market.

Even though the transaction does not indicate any selling pressure in the near term, traders are still watching the Binance accounts for any signs of selling pressure. This might further influence the price action of ETH.

Also Read: Bitcoin (BTC) and Ethereum (ETH) Lead Market Reset as Stocks and Gold Pull Back