Ether (ETH), the native coin of the Ethereum network, continues to struggle in the $1,700 range, down about 41.9 percent on a year-to-date basis. As if the underwhelming price action wasn’t already enough, analysts opine that the digital asset might be on the precipice of another leg down.
ETH at risk of further 30 percent pullback
In an X post on Thursday, crypto analyst Alaoui Capital stated that ETH is now flashing the same liquidity pattern that previously preceded a major 30 percent price decline. The last time this happened – during May and June 2026 – ETH’s price fell from roughly $2,300 to $1,600 in 29 days.
If history repeats itself, then ETH could be looking at a potential bearish price target in the range of $1,200 to $1,300. According to the analyst, ETH could be visiting these price levels around September 2026.
If ETH indeed records another pullback in price to the tune of 30 percent, it could be devastating for the cryptocurrency. The digital asset recently made history by recording 3 consecutive quarters in the negative territory.
Meanwhile, fellow crypto analyst Crypto Coral shared a contrasting bullish take. The analyst shared the following ETH 4-hour chart, saying that the cryptocurrency is making a double bottom structure. If the structure holds, then a bullish reversal might be in store.
For the uninitiated, a double bottom is a bullish chart pattern that forms when an asset tests the same support level twice and fails to break lower, indicating that selling pressure may be weakening. A confirmed breakout above the pattern’s neckline often signals a potential trend reversal and the start of a new upward move.
ETH ETFs see positive momentum
Disregarding the less than ideal price action of the cryptocurrency, ETH spot exchange-traded funds (ETFs) recently recorded an ongoing 5-day positive streak. According to data from SoSoValue, spot ETH ETFs have attracted more than $160 million since the beginning of July.
What’s particularly striking about the fresh positive momentum seen by ETH ETFs is that it comes after a prolonged period of 9 consecutive days of net outflows. Spot ETH ETFs now boast of total net assets worth $9.34 billion.
There’s certainly a case for strong demand for regulated ETH financial productions. On June 22, Morgan Stanley unveiled record low fees of 0.14 percent for spot ETH and Solana ETFs.
