Ethereum is in danger of falling below $3,000!

Ethereum price is on the verge of a deeper correction, with analysts suggesting a drop to the $2,870 range is possible. While Ethereum has fallen more than 24% in the past 30 days to the $3,490 range, the bearish signals on the charts have clearly strengthened.

Data from SoSoValue shows that Ethereum ETFs in the US have seen $364 million in outflows over the past three days. This outflow, especially after the growth of Solana ETFs, indicates a decline in institutional interest in Ethereum. Ethereum holdings in treasury firms and investment funds have also decreased by more than 124,000 ETH since October 16.

Technically, Ethereum has completed a descending triangle pattern with a target of around $2,870.
Overall, the Ethereum market is in a cautious state, and bearish sentiment among investors will continue until the ETH price can recover and stabilize above $4,000.