Ethereum Whats the Next Target After 2500 Bearish

Ethereum (ETH)
Ethereum has been in a downward trend since breaking below $3,000 six weeks ago, indicating that the correction may continue.
Reports suggest that the United States may reject Ethereum ETF spot applications, exacerbating market pessimism.
According to technical analysis, analysts predict that if these ETF applications are rejected, the price of Ethereum will be lower. However, the duration of this decline is still uncertain.
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The Fibonacci retracement level is calculated based on ETH’s drop from $4,093 to $3,056.
Although this did not significantly alter the overall market structure over a longer timeframe, ETH breaking below $3,000 in mid-October tilted the balance towards a bearish structure.


In addition, the OBV (On-Balance Volume) fell below key levels. Currently, the $3,000 resistance area is significant, with momentum favoring bears as indicated by the RSI reading of 40.5.
Price is expected to potentially fall below $2,800, with a focus on the 50% and 61.8% extension levels. However, it is currently unclear whether Ethereum is undergoing a V-shaped reversal or consolidating at these levels.
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Liquidity chart analysis shows that the short-term rebound has ended. Just 24 hours ago, the cumulative liquidation level was significantly negative, indicating more bearish liquidations than bullish liquidations.


Shortly after, the price rebounded from $2,870 to $2,990, wiping out late sellers.
The current cumulative liquidation level remains negative but less extreme, indicating further downside potential. The $2,840 region becomes a short-term target for the price of Ethereum.