🔹The price of ETH has dropped below the 3,000 USD mark, recording a decline of 42% compared to the historical peak of 4,950 USD, indicating a significantly poorer performance compared to Bitcoin and other cryptocurrencies in this cycle.
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🔸Analysts warn that if ETH cannot maintain the important support level of 2,800 USD, the price could potentially drop another 25% to reach the next bottom around 2,100 USD.
🔹ETFs for spot ETH in the US have seen continuous withdrawals of over 533 million USD in 5 days, indicating that institutions are minimizing risk or shifting their investment strategy, making early recovery difficult.
🔸Buying activity from treasury management funds has significantly decreased and many on-chain indicators have shifted to sell signals, indicating that the ETH market still faces considerable downward pressure in the near future.
🔹Although ETH is under heavy pressure from the withdrawal of institutional capital and weakening technical structure, this could be a necessary cleansing phase to form a more sustainable long-term bottom around the 2,100 USD mark before entering a new growth cycle.
According to the community, what price level will be the long-term bottom to start accumulating, or is it just a pit stop before ETH faces deeper declines?
Follow the channel for updates, the information is for reference only and not investment advice. Please read carefully before making a decision.