BTC, ETH and More: Relief Bounce in Play

Disclaimer: This is not financial or investment advice. You are responsible for any capital-related decisions you make, and only you are accountable for the results.

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Quick bridge from earlier this week…

Earlier this week, we carried a neutral-bearish stance across the majors. The framework was clear, relief rallies had exhausted and we were looking for downside continuation into mapped liquidity zones. That scenario played out well. Bitcoin tapped $65,650 as projected, Ethereum delivered the move into 1,957, and Solana largely held and consolidated around the $80.89 region with only minor deviations below it.

So overall, the levels were respected and the neutral-bearish thesis largely delivered its first objectives. The key development now is reaction, price is holding at support and not accelerating lower immediately from what we can see. From here, we assess whether the market builds a base for another relief rally, or whether this consolidation resolves into fresh downside continuation.

TLDR

• Bitcoin: Relief bounce attempt underway from $65.6K support after downside targets were met, higher timeframe structure still fragile, with $72.5K as the key short-term relief target before reassessing continuation risk.
• Ethereum: Holding $1,957 support after stalling at $2,116, neutral-bullish short term for a bounce, but structure remains capped on the higher timeframes.
• Solana: Still range-bound and relatively weaker versus majors, needs acceptance above $89 to open $97+, otherwise downside risk toward prior lows remains in play.

Bitcoin

TA

Bitcoin has now reacted from the $65,650 support area, which was one of the key downside levels we had outlined earlier. After completing the relief rally toward prior targets and rolling over, price has returned to this level and is attempting to form a short-term base. Importantly, BTC is still holding above the reclaimed breakout trendline, which keeps the possibility of a short-term bounce on the table.

The immediate resistance sits around $68,600, which also aligns closely with the weekly 200 EMA. A clean push above that opens room toward $72,500 as the next relief target. However, unless we see sustained acceptance above these levels, upside moves should still be treated as relief within a broader corrective structure.

On the downside, $65,650 remains the key support. A loss of this level reopens $57,300 as the next major downside target. Structurally, that is the level that would come into play if this short-term basing attempt fails.

Another important development is the potential formation of a broader weekly range. The 2nd February 2026 weekly candle (High: $79,300, Low: $59,800) may act as a range-defining candle similar to what we saw in November last year (17th Nov 2025 Weekly candle), where price consolidated for weeks inside a single large weekly candle. A decisive body close above or below this range, or a clear liquidity wick followed by rejection would provide stronger higher-timeframe direction.

The 200 EMA continues to slope downward near $94,500, signaling ongoing macro pressure. RSI remains weak but off the extreme lows, currently around 31 with an average near 27, suggesting room for a short-term bounce but not confirming a structural reversal.

Chart: Bitcoin – Support Test and Range

Key Levels:

• Support: $65,650
• Resistance: $68,600
• Direction: Neutral-Bullish
• Upside Target: $72,500
• Downside Target: $57,300

Cryptonary’s Take:

With $65,650 holding and price stabilizing above the reclaimed trendline, the short-term bias remains neutral-bullish. A push through $68,600 would likely extend the relief move toward $72,500, and that is the primary path we are monitoring right now.

That said, this is still a relief phase within a broader corrective structure. Unless Bitcoin starts reclaiming higher structural levels with strong body closes and follow-through, upside should be treated as controlled continuation and not a confirmed macro reversal.

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Ethereum

TA

Ethereum reacted precisely from the $2,116 resistance level we had mapped out and rolled over into the first downside target at $1,957. That level has now been tapped, and price has been attempting to form a short-term base around this support for the past few sessions.

The fact that $1,957 is holding for now suggests short-term stability, especially if Bitcoin continues attempting a bounce from its own support.

As long as $1,957 holds on a daily closing basis, a relief push back toward $2,116 remains on the table. That level now acts as the key pivot resistance. A reclaim and daily acceptance above it would open room toward $2,360-$2,370, but that is not the base case yet.

On the downside, a loss of $1,957 would shift focus immediately toward $1,752, which remains the next major support zone and broader downside objective if weakness resumes.

The 200 EMA on the daily timeframe continues to slope downward near $3,133, reflecting ongoing macro pressure. RSI remains in the weaker range around 29, with an average near 27, showing oversold conditions that still allow room for short-term relief continuation.

Chart: Ethereum – Support and Resistance Levels

Key Levels:

• Support: $1,957
• Resistance: $2,116
• Direction: Neutral-Bullish
• Upside Target: $2,360
• Downside Target: $1,752

Cryptonary’s Take:

Ethereum is holding its first major downside level at $1,957, keeping a short-term neutral-bullish relief scenario alive. A move toward $2,116 is reasonable while this support remains intact.

However, this remains a relief phase within a broader corrective structure. Unless Ethereum reclaims and closes decisively above higher timeframe resistance areas with follow-through, upside should be treated as temporary, with $1,752 still open if support fails.

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Solana

TA

Solana continues to range, showing limited structural progress on either side. Price briefly slipped below the $80.89 level but has largely held around that region, with support emerging near the 6th February candle open around $78. The actual swing low from that session remains $67.7, which defines the current local bottom.

Despite short-term stability, Solana is comparatively weaker than Bitcoin and Ethereum. Even if majors attempt relief rallies, Solana appears more likely to remain range-bound.

The immediate working range is now $78 on the downside and $89 on the upside.

A clean break above $89 would open room toward $97.7 as the next upside target. Conversely, a loss of $78 increases the probability of revisiting $67.7, the recent swing low.

The 200 EMA on the daily timeframe continues to slope downward near $146.8, reinforcing broader structural pressure. RSI remains in oversold territory around 27 with average around 28, indicating bounce potential, but momentum has not yet translated into structural strength.

Chart: Solana – Range and Support

Key Levels:

• Support: $78
• Resistance: $89
• Direction: Neutral
• Upside Target: $97.7
• Downside Target: $67.7

Cryptonary’s Take:

Solana is consolidating within a tight range and remains largely reactive to Bitcoin’s movement. While broader structure is still fragile, a bullish divergence is forming on the daily timeframe (candle-closing basis), which supports the case for a short-term push toward range highs near $89.

That said, strength remains limited below $89, and anything beyond the range highs is not part of the base case yet. A breakdown below $78 would likely reopen $67.7, and if broader market weakness resumes, $58.56 becomes the next major downside objective. Until range expansion occurs, consolidation remains the primary expectation.

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Closing Thoughts

Across the board, majors are attempting to stabilize at the support levels we’ve been tracking. Bitcoin continues to defend the $65,650 region, while Ethereum is holding around $1,957. The reaction from these areas suggests short-term exhaustion on the downside, opening the door for a relief bounce over the next few sessions.

For Bitcoin, a clean break above $68,600 would likely open room toward $72,500. If that plays out, we can expect coordinated short-term upside across the majors. However, this would still be classified as a relief rally within a broader corrective structure, not a trend reversal.

Until we see stronger structural shifts or higher-timeframe reclaim levels, upside moves should be treated cautiously. The plan remains the same, allow the bounce to develop, reassess at resistance, and watch closely for signs of exhaustion if price begins to roll over again.

Peace!