Shocked, will ETH price drop to $2,800 again?

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Cryptocurrency market analysts are bearish on Ethereum, predicting that the ETH price will drop to $2,800 or slightly below that level, before buying back in. Notable cryptocurrency analyst Caleb Franzen shared Ethereum's head and shoulders pattern, indicating that Ethereum is on a downward trajectory and will drop to the low of $3,000 again, potentially rebounding from there to the $4,000 level.

He pointed out: "Since we were rejected at the high point from the beginning of the year, all I see is the opportunity for the final stage of the head and shoulders pattern to form."

This year is 2024, and Ethereum's performance has lagged far behind other altcoins, testing investors' patience. However, Ethereum bulls believe that once ETH breaks through $4,100, the rise to a new all-time high will be very fast. Popular cryptocurrency analyst Ted Pillows noted:

Despite Ethereum whales selling off, Deribit's Ethereum options data shows that ETH is currently not smooth sailing. Recently, a total of 173,000 ETH options expired, with a nominal value of $590 million. The put/call ratio for these options is 0.5, indicating that the number of bullish positions outweighs the bearish positions. The maximum pain price (the level at which most options lose value) is $3,750, reflecting a key area of focus for traders and market participants.

As of the time of writing, the price of Ethereum has dropped 11.21% to $3,264, with a market cap falling below $400 billion. According to Coinglass data, open interest has decreased by 10.53%, falling below $2.5 billion. The 24-hour liquidation amount has also surged to $226 million, with $198 million being long liquidations.

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