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Despite Ether’s latest recovery to $3,000, data suggests that ETH price may see a deeper correction to $1,850 if key support levels don’t hold.
Ether (ETH) has made modest gains over the last 24 hours, briefly reclaiming the $3,000 psychological level. However, decreased ETH demand, evidenced by heavy outflows from spot Ethereum exchange-traded funds (ETFs), and a weakening technical structure could see Ether drop to levels below $2,000 over the coming weeks.
Key takeaways:
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Decreasing Ethereum demand and negative spot Ether ETF flows signal aggressive distribution.