Ether (ETH) is down 42% from its all-time high of $4,950, and traders are wondering where the altcoin is prone to bottom next.
Key Takeaways:
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Ether traders expect ETH price to say no to $2,100 if the support at $2,800 fails.
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The continued outflow from Ether ETFs and reduced purchases of Treasuries bring more risks for bulls.
Analysis: 25% ETH price drop possible
Data from Cointelegraph Markets Pro and TradingView showed that the ETH/USD pair has fallen back below $3,000.
Commenting on the recent price motion, analyst and trader Daan Crypto Trades said that while this cycle didn’t meet ETH investors' expectations, Ether's “market structure and the Ethereum ecosystem have matured during this time,” adding:
“I cannot defend the value motion this cycle, it has significantly underperformed $BTC and plenty of others.”
An accompanying chart suggested that if ETH were to lose its $2,800 support, it could likely fall towards the following major support level around $2,100.
ETH/USD weekly chart. Source: Daan Crypto Trades
Data from Glassnode showed that the following significant support below $2,800 is around $2,100, where around 2.1 million ETH were previously purchased.
Although Polymarket bettors are only pricing in about an 11 percent likelihood that ETH will fall to $2,000 to $2,200 before the tip of 2025, they see an 83 percent likelihood that Ether price will rise back to $2,500 and a 59 percent likelihood that it’ll fall to $2,000 in 2026.
Ether price targets before December 31, 2026. Source: Polymarket
Ether's 2025 low is $1,380, reached in April, and the last time the ETH/USD pair traded at $2,100 was on May ninth. However, the present decline of 42% from the all-time high is comparatively small. Previous bear cycles bottomed after the value fell by around 80-90%.
ETH price decline from all-time high. Source: Glassnode
Investors reduce the danger of Ethereum ETFs
Institutional demand for U.S.-based spot Ether exchange-traded funds (ETFs) has declined, based on data from Farside Investors.
These investment products recorded outflows totaling $533.1 million for five consecutive days, leading to a decline in assets under management to $17.34 billion.
“US-based Ethereum ETFs proceed to see capital outflows,” CryptoQuant analyst IT Tech said in a post on X, adding:
“Investors are de-risking or quietly turning away from ETH, suggesting there isn’t a immediate comeback for Ether.” 
Spot Ether ETFs flow table. Source: Farside Investors
Additional data from Capriole Investments shows that day by day purchases by Ether treasury corporations have fallen to 12,095 ETH per day from a high of 78,010 ETH on August 23.
Ether: Daily rate of presidency bond purchases. Source: Capriole Investments
Even as BitMine accelerates its Ether purchases, several on-chain and technical indicators surrounding ETH have turned bearish, suggesting more trouble lies ahead.
This article doesn’t contain any investment advice or recommendations. Every investment and trading activity involves risks and readers should conduct their very own research when making their decision. While we try to supply accurate and up-to-date information, Cointelegraph doesn’t guarantee the accuracy, completeness or reliability of the data in this text. This article may contain forward-looking statements which might be subject to risks and uncertainties. Cointelegraph is not going to be accountable for any loss or damage arising out of your reliance on this information.
This article doesn’t contain any investment advice or recommendations. Every investment and trading activity involves risks and readers should conduct their very own research when making their decision. While we try to supply accurate and up-to-date information, Cointelegraph doesn’t guarantee the accuracy, completeness or reliability of the data in this text. This article may contain forward-looking statements which might be subject to risks and uncertainties. Cointelegraph is not going to be accountable for any loss or damage arising out of your reliance on this information.
