ETH price to $3.5K first? Why Ethereum bears are growing louder
· Ether bears are getting louder as the price remains rangebound.
· Declining spot volume signals weak demand and increasing ETH price vulnerability.
· ETH price could drop to $3,500 if key support levels are lost.
Ether ETHUSD remains stuck in the $4,200-$4,500 range for two weeks, amid decreasing spot and institutional demand. This has made some traders bearish, eyeing ETH price falling to $3,500 before any potential recovery.
Market sentiment turns negative
The choppiness in Ether’s price, coupled with Bitcoin’s recent drop below $100,000, saw a shift in market sentiment as “sell calls” intensified
Traders have changed their tunes, swinging more and more negatively with expectations of Bitcoin falling back below $100K, Ethereum back below $3.5K
An accompanying chart shows a surge in keywords like “selling” and “bearish” since late August, when Ether hit its $4,950 all-time high.
However, markets often move opposite the crowd’s expectations, which could actually be “signalling an ideal buy time”
