Try this:
awk '{if ($1 ~ '$variable1') print "'$variable2'"}' myfile.txt
When you use the single quote, the shell treats all the special characters
such as $ and ` as ordinary characters. By using multiple sets of single quotes
you can get around this.
BTW, you don't need the echo command since the shell will automatically
substitute the value of a variable when you use the $ special character.
HTH,
--ranga