Ethereum prices are below $2,000 this week, indicating that some signals could be $1,000 before reaching $4,000.
Ethereum (ETH) was trading at $1,810 on Tuesday. This is a level that has been maintained for several days. This price is about 31% above this year’s lowest point.
Multi-tiered polls show that most users expect the coin to fall to $1,000 this year. This is a movement representing a 45% decrease from the current level. There is a 39% chance that the price will drop to $1,000, and a 20% chance that it will rise to $4,000.
Polymarket users look bearish in Ethereum because of their weakness in basics. Demand for Spot Ethereum ETFs is declining, with all such funds recording a cumulative inflow of just $2.4 billion compared to $38 billion in Bitcoin (BTC).
You might like it too: If the SEC approves the Ripple ETF, can the XRP price rise to $5?
Additionally, the Ethereum Foundation sells coins. This is a movement that investors see as a red flag.
Ethereum lost market share to other Layer 1 and Layer 2 networks such as Base, Arbitrum, Solana, and other decentralized finance and gaming industries. These concerns even led to predict that Cardano founder Charles Hoskinson would not survive for another 10-15 years.
Furthermore, Ethereum has not generated as much revenue as it has in the past. This year has generated $245 million so far, significantly lower than revenue from other networks, including Lido, Uniswap, Solana, Jito, Circle and Tron.
The weekly chart shows that Ethereum prices could drop to $1,000
ETH Price Chart | Source: crypto.news
Recent Ethereum price rebounds could be part of a dead cat bounce or bull trap, as the weekly chart suggests an even more downside. Last year, it formed a triple top chart pattern at its highest levels in March, May and November at $4,010. The neckline for this pattern is $2,130, the lowest swing since August 5th.
The distance between the triple top points was $4,010 and the neckline distance was about 47.26%. Measuring that distance from the neckline at $2,130 suggests that your next target could be around $1,093. If you fall below that level, you’ll see an even more downside towards your psychological level towards $1,000.
If the coin jumps above the neckline for $2,130, the bearish outlook for $1,000 is invalidated.
You might like it too: Valuta and Ultra join forces to promote the future of Web3 games