Ethereum Price Forecast: February Outlook and Market Sentiment

Ethereum has reached a critical juncture as it enters February, with various forecasts predicting its price movement for the month. The cryptocurrency has been under pressure since its high above $4,000, falling nearly 50% to trade near $2,050 in mid-February.

Bitcoin, on the other hand, has shown relative resilience, hovering around $68,000. However, Ethereum's deeper drawdown and lack of relative strength compared to Bitcoin raise caution.

The broader crypto market remains fragile, buffeted by macroeconomic uncertainty and risk-off sentiment. On-chain data and technical indicators suggest a cautious near-term outlook, with experts warning that despite price stability, volatility may lie ahead.

For investors, the coming weeks will test Ethereum's resilience as it navigates a fragile macro backdrop. A breakout above $3,000 could signal renewed confidence, while failure to hold $2,690 could open the door to deeper losses.