Ether appears to have already priced in much of the near-term macro risk and upcoming industry catalysts, leaving it poised for a period of sideways trading, according to Swyftx lead analyst Pav Hundal.
“A lot of near-term uncertainty is priced into Ethereum,” Hundal told Cointelegraph, adding that he wouldn’t be surprised if ETH remains subdued for the next few weeks. He said geopolitical tensions — including escalations around Iran — and progress on the U.S. CLARITY Act have largely been factored into the market.
Hundal also pointed to the market’s recovery from a major October shock. “October’s liquidation cascade removed $19 billion from the market,” he said, and consumer sentiment has fallen to levels not seen since 2022. That loss of confidence, he argued, still weighs on Ethereum even as traders focus on liquidity flows.
The Crypto Fear & Greed Index reflected extreme caution, posting a score of 13, while retail sentiment remains muted. Despite that caution, large treasury holders continue to add to positions: BitMine Immersion Technologies recently bought 45,759 ETH, bringing its total to 4,371,497 ETH — about 3.62% of the roughly 120.7 million ETH in circulation.
Ether has slid 56.8% from its October peak near $4,687; Bitcoin, by contrast, has hit new highs (CoinMarketCap cited a BTC peak of $126,100). At publication, ETH traded around $2,021 and is down roughly 31.65% over the past 30 days.
Looking further out, Hundal said Ether will test “even the most experienced investors” in the medium term. He’s watching for signs that ETH might begin to outperform Bitcoin — a shift that could produce rapid gains. Over the past seven days the ETH/BTC ratio rose about 3.58%, according to TradingView.
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