Ethereum Drops Below $2,000, Craters 30% In 7-Day Crypto Market Meltdown
Posted On February 5, 2026
Ethereum (CRYPTO: ETH) is down around 30% over the past week, breaking below the $2,000 mark as technical and on-chain signals deteriorate.
Network Activity Signals ‘Overheated’ Conditions
CryptoQuant data shows Ethereum’s transfer count (14-day SMA) surged to 1.17 million on Jan. 29, a level historically linked to major market turning points.
Similar spikes appeared near the 2018 cycle top and just ahead of the 2021 crash, both of which were followed by steep drawdowns.
While rising activity can reflect growing adoption, parabolic spikes near price highs often signal overheated market …
About The Author
