February 6, 2026 Double Top Analysis

After a sharp decline, the market has experienced oscillation and recovery, with increased bullish and bearish battles. Keep positions light to seize opportunities within the range, and strictly control risk exposure.

In the morning, the double top dropped sharply along with the crypto market, with a low around 1724. By midday, it rebounded to around 1800, with the 24-hour decline narrowing to 9%. In the short term, the pattern is "weak recovery after a sharp drop," with no clear bullish or bearish signals, mainly oscillating within the range, so be alert to the risk of a second bottom.

On the news front, the crypto market is experiencing a leverage liquidation wave (430,000 traders liquidated), risk appetite is declining, and the Federal Reserve's high interest rates are suppressing risk assets;

Standard Chartered remains bullish in the long term (target of $7,500 by the end of 2026), with significant advantages in RWA and stablecoin ecosystems; however, geopolitical tensions triggered by US-Iran talks are making market sentiment sensitive.

Technically, the daily chart has broken below the 200-day moving average, indicating the bearish trend remains unchanged, with strong support around 1700-1750;

From the hourly chart, after an oversold rebound, resistance is at 1850, with a bearish moving average alignment, and weak recovery momentum. Resistance above is around 1850-1900.

Trading suggestions: oscillate within the range of 1720-1880, mainly buy low and sell high: if a slight rebound occurs, consider entering with a small position around 1850-1880, with a stop loss at 1920, targeting around 1780-1750; if it dips and stabilizes at 1720-1750, go long with a stop loss below 1700, targeting around 1800-1830.

The above is only personal advice for reference and does not constitute investment guidance. Please follow Cheng Jingsheng's and Shi Pan's layout for specific strategies!! $ETH ‌#加密市场回调 #eth