Ethereum Price Could Fall to $1,000 if Support Fails

Ethereum's price has declined nearly 20% in the past month, currently trading just above the support level of $2,400. Analyst Justin Bennett anticipates a potential drop to $1,000 if this support fails to hold.

• ETH peaked at $2,855.23 recently but couldn't maintain levels above $2,800.
• Bennett highlights a long-term logarithmic channel from 2017, showing ETH testing its lower boundary.
• Institutional outflows from Ethereum ETFs have increased, with over $128 million exiting in the first two days of the week, indicating declining institutional interest.

Despite these challenges, some analysts remain optimistic about Ethereum's recovery. Analyst Wolf suggests the current price action reflects stable re-accumulation and predicts a possible rise to $4,000 by Q2.

Analyst Ted Pillows noted the SEC's acknowledgment of Grayscale's proposal for staking in its Ethereum ETF, indicating potential influx of institutional investment upon approval.