Warning: Ethereum Support Snaps—Is a $1,750 Retest Inevitable?

• Georgi Minev
• 10 February, 2026, 19:08
• 293

Derivatives Market Reflects Bearish Sentiment

Kaiko Research analyst Adam McCarthy pointed out persistent weakness in Bitcoin perpetual futures:

• Funding rates remain significantly negative, indicating short positions continue to dominate.
• Traders are willing to pay to maintain bearish exposure — a clear sign of weak overall sentiment.
• Smaller-cap altcoins are experiencing even more pronounced pressure, amplifying the broader risk-off tone.

Broader Market Context and Near-Term Outlook

The cryptocurrency market has now shed substantial value since the October peak, with total capitalization remaining compressed. While Bitcoin has shown some resilience compared to altcoins, it remains vulnerable to macro developments this week — particularly Wednesday’s January jobs report and Friday’s CPI release.

A soft jobs print or cooler-than-expected inflation would strengthen rate-cut expectations and provide a tailwind for risk assets. Conversely, strong data or hawkish Fed commentary would likely extend the current pressure.

Key Levels to Watch (February 10, 2026)

• Bitcoin
  • Immediate support: $67,000–$68,000
  • Resistance: $72,000–$74,000 (recent local high)
  • Break below $67,000 → reopens path toward $60,000 or lower liquidity zones
  • Close above $74,000 → opens short-squeeze potential toward $79,000–$80,000
• Ethereum
  • Immediate support: $1,950–$2,000
  • Resistance: $2,200–$2,400
  • Breakdown below $1,950 → risks deeper retests toward $1,750–$1,800

Bottom Line

The market remains in a high-uncertainty, risk-off regime. Ethereum’s sharper losses reflect its higher beta and prior leverage buildup, while Bitcoin’s relative stability is more defensive than bullish. This week’s major macro releases (jobs report, CPI) and Fed commentary will likely dictate the next directional impulse.

Until we see clear dovish surprises or a decisive structural break higher, the path of least resistance remains downward or sideways. Traders should stay nimble — respect key levels, monitor macro catalysts closely, and avoid overcommitting in either direction while sentiment remains fragile.