Ethereum price is heading into a long-term correction driven by a wave of on-chain and fundamentals. Standard Chartered\u2019s decision to ditch its Ethereum to $10K prediction is the latest in a series of negatives for the asset.<\/p>\n
Ethereum Price Continues In Descending Channel<\/h2>\n
Recent price movements for Ethereum (ETH) are unpromising with analysts predicting a steeper drop for the asset. At the moment, Ethereum\u2019s price hovers around $1,930 continuing its unenthusiastic ranging pattern.<\/p>\n
The MACD indicator confirms<\/a> widespread buying weakness for the second-largest cryptocurrency with bears reigning supreme. Moving averages are pointing to a neutral trend for Ethereum price, sparking theories over a possible consolidation for the asset.<\/p>\n \u201cThe price continues to move in a descending channel, indicating a possible continuation of consolidation,\u201d said the pseudonymous LVelarde.<\/p>\n At the moment, the Ethereum price is consolidating below the 5-day and 200-day moving averages (MA) with traders scanning the horizon for a potential breakout or rejection. Since ETH fell below $2,000<\/a>, a slew of dour sentiment has trailed the asset, casting doubt over its long-term future.<\/p>\n \u201cIn 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,\u201d said LVelarde.<\/p>\n Ethereum\u2019s community was roiled by Standard Chartered\u2019s reduction of its ETH prediction for 2025 from $10,000 to $4,000. According to a note, Standard Chartered analysts are predicting ETH will continue underperforming ahead of its 10th anniversary.<\/p>\n Analysts termed Ethereum\u2019s decline as a \u201cmid-life crisis\u201d with layer 2 Base taking off $50 billion from ETH\u2019s market capitalization. Meanwhile, the incoming Converge blockchain<\/a> will snag a portion of Ethereum\u2019s market cap as experts call for a radical change.<\/p>\n \u201cOnly a proactive change of commercial direction from the Ethereum Foundation \u2013 such as taxing layer 2 \u2013 could achieve that now, in our view,\u201d read the note.<\/p>\n Ethereum ETFs have faltered with the inbound 21Shares liquidations<\/a> of Bitcoin and Ethereum Futures ETFs. Experts say that Pectra activation on the mainnet can trigger a fresh rally for Ethereum price to a $5,000 valuation.<\/p>\nStandard Chartered Slashes Its ETH Prediction<\/h2>\n
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