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As with the rest of the altcoin industry, Ethereum’s (ETH) price has been following Bitcoin’s (BTC) price action in the ongoing market correction. The large-cap altcoin, with a fully diluted valuation of about $400 billion and a 24-hour average traded volume of around $32 billion, has slipped more than 11 percent in the past three days to trade about $3,292 on Thursday, January 9, during the early New York session.
As a result, more than $86 million was liquidated from Ether’s leveraged market in the past 24 hours. The continued bearish sentiment is evident from the fear and greed index, which has dropped to 55 percent at the time of this writing from 69 percent on Wednesday.
Major Factors that Caused Ethereum Price to Drop
Ethereum price has suffered bearish sentiment in the past few days amid low demand from whales and institutional investors. As Bitcoin’s supply on centralized exchanges continues to drop, Ethereum’s has instead increased in the last few days to 15.88 million.
On Wednesday, the US spot Ether ETFs registered a net cash outflow of about $159 million. Notably, none of the US spot Ether ETF issuers registered a net cash inflow on Wednesday, signaling low demand.
The low demand for Ether in the recent past coincided with the first ETH sale by the Ethereum Foundation of about 100 ETH.
Midterm Expectations
According to crypto analyst Ali Martinez, a potential drop to $2,900 for Ether’s price in the near term should be considered the most bullish setup. Furthermore, Ethereum price against the US dollar will have formed an inverted head and shoulders (H&S) pattern, with a midterm target of around $7k.
In the weekly time frame, Ether’s price has already broken out of a multi-year falling logarithmic trend, signaling a midterm rally towards a new all-time high on the horizon.
