ETH price has continued to see strong selling pressure following the rejection at $4,000 as analysts predict a further crash under $3,000. Technical chart patterns suggest that Ethereum has been struggling to continue its upward momentum. As a result, the altcoin might take a dip under $3,000 before resuming the upward journey. This week, inflows into spot Ethereum ETF have resumed once again with Fidelity’s FETH taking the lead on Thursday.

How Low Will the ETH Price Drop?

Following the rejection at $4,000 last week, Ethereum has already corrected more than 17%. Ethereum price today was flirting around $3,350 levels with no bullish catalyst in sight at the moment. As a result, analysts believe that the ETH price can sink even lower before resuming the uptrend.

According to analysis shared on The Moon Show, Ethereum (ETH) appears to be breaking out of a symmetrical triangle pattern. This technical breakdown suggests a potential downside target of $2,920.

Crypto analyst Justin Bennett has expressed caution about Ethereum price trajectory. In a recent post, Bennett highlighted the $3,541 level as a critical weekly resistance for Ethereum. He pointed out that the cryptocurrency struggled to break past this mark over the Christmas period.

“Yes, we got a Christmas bounce, but it was low volume and mostly driven by retail activity,” Bennett observed, signaling limited conviction behind the recent uptick. The analyst believes that Ethereum could face further decline while expecting a potential bottom in early 2025. On the other hand, analysts are also expecting a Bitcoin price crash to $80,000, in that case, Ethereum can correct up to $2,500 as well.

Will Ethereum ETF Inflow Arrest the Downfall?

While ETH price has been heading lower, inflows into spot Ethereum ETF have resumed once again this week. In the last three trading sessions, the total inflows into Ether ETFs have crossed $300 million.

On Thursday, the total inflows stood at $117 million with Fidelity Ethereum ETF (FETH) recording $83 million in inflows while BlackRock’s ETHA saw $28 million in inflows. With this, ETHA’s total inflows since inception have exceeded $3.5 billion, while total inflows across all Ether ETFs now stand above $2.6 billion, per Farside Investors data. This shows that institutional demand for Ethereum continues to persist despite the recent price turbulence.

Despite the pessimism around Ethereum in the short term, market analysts are bullish on a longer time frame. On the yearly chart, the ETH price forms an inverse head-and-shoulders pattern, and breaking out of that will trigger a rally to $7,500 and beyond. For 2025, market analysts are also predicting an Ethereum surge to $15,000 and beyond.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.