Ethereum Price Remains In Deep Correction As Standard Chartered Slashes ETH Target By 60%

Ethereum price is heading into a long-term correction driven by a wave of on-chain and fundamentals. Standard Chartered’s decision to ditch its Ethereum to $10K prediction is the latest in a series of negatives for the asset.

Ethereum Price Continues In Descending Channel

Recent price movements for Ethereum (ETH) are unpromising with analysts predicting a steeper drop for the asset. At the moment, Ethereum’s price hovers around $1,930 continuing its unenthusiastic ranging pattern.

The MACD indicator confirms widespread buying weakness for the second-largest cryptocurrency with bears reigning supreme. Moving averages are pointing to a neutral trend for Ethereum price, sparking theories over a possible consolidation for the asset.

“The price continues to move in a descending channel, indicating a possible continuation of consolidation,” said the pseudonymous LVelarde.

At the moment, the Ethereum price is consolidating below the 5-day and 200-day moving averages (MA) with traders scanning the horizon for a potential breakout or rejection. Since ETH fell below $2,000, a slew of dour sentiment has trailed the asset, casting doubt over its long-term future.

“In the short term, technical indicators point to a possible retest of support around $1,800-$1,850, and a break below could reinforce the bearish movement,” said LVelarde.

Standard Chartered Slashes Its ETH Prediction

Ethereum’s community was roiled by Standard Chartered’s reduction of its ETH prediction for 2025 from $10,000 to $4,000. According to a note, Standard Chartered analysts are predicting ETH will continue underperforming ahead of its 10th anniversary.

Analysts termed Ethereum’s decline as a “mid-life crisis” with layer 2 Base taking off $50 billion from ETH’s market capitalization. Meanwhile, the incoming Converge blockchain will snag a portion of Ethereum’s market cap as experts call for a radical change.

“Only a proactive change of commercial direction from the Ethereum Foundation – such as taxing layer 2 – could achieve that now, in our view,” read the note.

Ethereum ETFs have faltered with the inbound 21Shares liquidations of Bitcoin and Ethereum Futures ETFs. Experts say that Pectra activation on the mainnet can trigger a fresh rally for Ethereum price to a $5,000 valuation.

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Aliyu Pokima

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.