Ethereum (ETH) is showing signs of recovery, rebounding to around $2,100 after a volatile week that saw it briefly dip below $2,000. This resurgence, coupled with positive developments in the broader crypto and macro markets, has sparked debate about whether ETH has finally found its bottom.
Last week, the cryptocurrency market experienced intense pressure, with both Bitcoin and Ethereum hitting multi-month lows. However, Ethereum's performance relative to Bitcoin suggests a potential shift in momentum. According to a technical analysis by Jonathan Carter, the ETH/BTC ratio indicates that Ethereum is nearing a critical breakout point against Bitcoin after consolidating for years. As of February 9, 2026, the ETH/BTC ratio is trading around 0.030, and a green candlestick suggests a bullish outlook for Ethereum's performance against Bitcoin. A convincing break above the descending triangle's upper trend boundary could signal a phase of sustained outperformance for Ethereum.
Several factors contribute to the optimistic outlook for Ethereum. "Wise Advice," a crypto proponent, suggests that Ethereum is transitioning from survival to recovery mode, with data indicating a decrease in serious selling pressure. Ethereum is trading near $1,950, below the 0.80 MVRV band, a zone historically linked to peak fear and forced selling. Historically, most downside was already priced in once ETH entered this range, even if the price consolidated afterward. The 1.0 MVRV level near $2,450 remains the key recovery signal.
Furthermore, analysts predict that Ethereum may reach $6,000 following ETF approval. Finder's experts predict that Ethereum could surpass $6.1K by 2025 and potentially reach up to $12K by 2030.
However, it is important to note that Ethereum still faces challenges. Ethereum failed to secure the resistance at $2,150, and momentum indicators remain weak. Some analysts predict Ethereum may not reach $3,000 in February 2026 due to bearish trends. Also, Ethereum's price is currently over 40% down from its all-time high.
Despite these challenges, Ethereum's long-term prospects appear promising. Ethereum remains the dominant blockchain for DeFi, NFTs, and Web3 applications. With the network now burning a portion of transaction fees and staking helping to limit its circulating supply, Ethereum's tokenomics could become deflationary over time, increasing the scarcity of ETH tokens. Moreover, the upcoming Glamsterdam and Hegota upgrades are expected to improve Ethereum's scalability and efficiency.
Therefore, while the recent rebound to $2,100 is encouraging, it is too early to definitively declare that Ethereum's bottom is in. The cryptocurrency faces near-term resistance and bearish trends. However, positive technical indicators, potential ETF approvals, and strong fundamentals suggest a brighter future for Ethereum.