Ethereum price prediction: Is $2500 the next bearish target for ETH?

• Ethereum confirmed a bearish market construction and could possibly be headed for $2.5k.
• The OBV slipped beneath a key stage as promoting strain elevated.

Ethereum [ETH] was in a bearish pattern on the day by day timeframe after dropping beneath the $3k mark six weeks in the past.

Studies that the spot Ethereum exchange-traded funds (ETFs) functions within the U.S. have been prone to face rejection would reinforce the bearish sentiment available in the market.

Analysts projected far decrease costs for Ethereum within the coming months within the occasion of a rejection. This lined up with the technical evaluation, nevertheless it was unclear simply how lengthy the downtrend would persist.

The bearish market construction continued to carry sway

Supply: ETH/USDT on TradingView

A set of Fibonacci retracement ranges have been plotted primarily based on ETH’s drop from $4093 to $3056.

Whereas this transfer didn’t shift the upper timeframe market construction bearishly, in mid-April, ETH fell beneath the $3k mark.

This swung the construction bearishly, and the OBV additionally fell beneath a big stage. At press time, the $3k resistance zone appeared sturdy, and the momentum was in bearish favor with an RSI studying of 40.5.

The Ethereum worth prediction reveals {that a} drop beneath $2.8k is probably going, given the Fibonacci extension ranges.

The 50% and 61.8% extension ranges may be examined, however it’s unclear if Ethereum would have a V-reversal or would consolidate at these ranges.

The liquidity chart confirmed the short-term bounce was over

Supply: Hyblock

Simply over 24 hours earlier than the time of writing, the cumulative liq ranges have been deeply unfavorable. This indicated that the quick liquidations outnumbered the longs.

Learn Ethereum’s [ETH] Value Prediction 2024-25

A couple of hours later, the value bounced from $2870 to $2990 to take out the late quick sellers.

At press time, the cumulative liq ranges have been unfavorable however much less excessive. Therefore, there’s house for the costs to go additional south. The $2840 area is a short-term Ethereum worth prediction goal.

Disclaimer: The data offered doesn’t represent monetary, funding, buying and selling, or different sorts of recommendation and is solely the author’s opinion.