Swyftx lead analyst Pav Hundal says ether has already priced in much of the near-term macro risk and upcoming industry catalysts, leaving the token likely to trade sideways in the coming weeks. Hundal told Cointelegraph he would not be surprised if ETH stays subdued for the next few weeks, noting that geopolitical tensions, including escalations around Iran, and progress on the U.S. CLARITY Act appear to be largely factored into prices.
He also cited the market’s recovery from a major October shock, when a liquidation cascade removed about $19 billion from crypto markets. Consumer sentiment has fallen to levels not seen since 2022, and that loss of confidence continues to weigh on Ethereum even as traders concentrate on liquidity flows.
The Crypto Fear & Greed Index signaled extreme caution with a score of 13, and retail sentiment remains muted. Still, large treasury holders are adding to positions: BitMine Immersion Technologies recently purchased 45,759 ETH, taking its holdings to 4,371,497 ETH, roughly 3.62% of the approximately 120.7 million ETH in circulation.
Price action underscores the pressure on ether. ETH has declined about 56.8% from its October peak near $4,687; bitcoin, by contrast, has reached new highs (CoinMarketCap reported a BTC peak around $126,100). At publication ETH traded near $2,021 and was down roughly 31.65% over the prior 30 days.
Looking further ahead, Hundal warned that ether will test even experienced investors in the medium term. He is monitoring whether ETH begins to outperform bitcoin, a shift that could trigger rapid gains. The ETH/BTC ratio rose about 3.58% over the past seven days, according to TradingView.
Readers are encouraged to verify market data independently.
