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Will the influx of Ethereum ETF prevent further decline in ETH price?
ETH selling pressure continues to exist, analysts predict that ETH price will fall below $3,000 before altcoins reverse their upward trend. Ethereum has been in a vertical downtrend since being rejected at $4,000, experiencing a pullback of over 17% in the past ten days. On the other hand, funds flowing into Ethereum ETFs have accelerated, indicating consistent institutional demand for this asset class.
How low will the ETH price drop?
After being rejected at $4,000 last week, Ethereum has retraced more than 17%. The price of Ethereum is hovering around $3,350 today with no bullish catalyst in sight. Therefore, analysts believe that the ETH price may further decline before recovering its upward trend.
According to the analysis shared by The Moon Show, Ethereum (ETH) appears to be breaking out of a symmetrical triangle pattern. This technical breakdown suggests a potential downside target of $2,920.
"Yes, we had a Christmas rally, but with lower volumes, largely driven by retail activity," Bennett observed, suggesting limited confidence behind the recent rally. Analysts believe that Ethereum could fall further, while expecting a possible bottom in early 2025. On the other hand, analysts also expect the Bitcoin price to fall to $80,000, in which case Ethereum could also pull back to $2,500.