Ethereum down 42% from all-time high: Where will ETH price bottom?
Ether (ETH) has declined 42% from its all-time high of $4,950, falling below $3,000. Analysts warn that if the $2,800 support level fails, ETH could drop toward $2,100—a key level where 2.1 million ETH were previously acquired. Traders note Ethereum's significant underperformance compared to Bitcoin and other assets this cycle.
Market sentiment remains bearish, with Polymarket bettors pricing an 83% chance of ETH revisiting $2,500 and a 59% chance of falling to $2,000 by 2026. Institutional demand has weakened, as U.S. spot Ethereum ETFs saw five consecutive days of outflows totaling $533.1 million, reducing assets under management to $17.34 billion. Additionally, daily treasury buying of ETH has dropped sharply from its August high.
Despite the current 42% drawdown being relatively shallow compared to historical bear cycles (which saw 80-90% declines), on-chain and technical indicators suggest further downside risk.
cointelegraph12/18 14:47