Ethereum value is heading right into a long-term correction pushed by a wave of on-chain and fundamentals. Standard Chartered’s choice to ditch its Ethereum to $10K prediction is the most recent in a sequence of negatives for the asset.
Ethereum Price Continues In Descending Channel
Recent value actions for Ethereum (ETH) are unpromising with analysts predicting a steeper drop for the asset. At the second, Ethereum’s value hovers round $1,930 persevering with its unenthusiastic ranging sample.
The MACD indicator confirms widespread shopping for weak spot for the second-largest cryptocurrency with bears reigning supreme. Moving averages are pointing to a impartial pattern for Ethereum value, sparking theories over a doable consolidation for the asset.
“The price continues to move in a descending channel, indicating a possible continuation of consolidation,” stated the pseudonymous LVelarde.
At the second, the Ethereum value is consolidating under the 5-day and 200-day transferring averages (MA) with merchants scanning the horizon for a possible breakout or rejection. Since ETH fell below $2,000, a slew of dour sentiment has trailed the asset, casting doubt over its long-term future.
“In the short term, technical indicators point to a possible retest of support around $1,800-$1,850, and a break below could reinforce the bearish movement,” stated LVelarde.
Standard Chartered Slashes Its ETH Prediction
Ethereum’s group was roiled by Standard Chartered’s discount of its ETH prediction for 2025 from $10,000 to $4,000. According to a notice, Standard Chartered analysts are predicting ETH will proceed underperforming forward of its tenth anniversary.
Analysts termed Ethereum’s decline as a “mid-life crisis” with layer 2 Base taking off $50 billion from ETH’s market capitalization. Meanwhile, the incoming Converge blockchain will snag a portion of Ethereum’s market cap as consultants name for a radical change.
“Only a proactive change of commercial direction from the Ethereum Foundation – such as taxing layer 2 – could achieve that now, in our view,” learn the notice.
Ethereum ETFs have faltered with the inbound 21Shares liquidations of Bitcoin and Ethereum Futures ETFs. Experts say that Pectra activation on the mainnet can set off a contemporary rally for Ethereum value to a $5,000 valuation.
Aliyu Pokima
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