Ether (ETH) has retreated 42% from its all-time high of $4,950, with investors wondering where the altcoin is likely to hit its next low.

Key takeaways:

• Ethereum traders see the ETH price falling to $2,100 if the $2,800 support fails.

• Persistent ETF bans and restrictions on Treasury purchases create greater risk for bulls.

Analysis: possible drop in ETH price by 25%.

Data from Cointelegraph Markets Pro i TradingView showed that the ETH/USD pair dropped below $3,000.

Commenting on the latest price action, analyst and trader Daan Crypto Trades he said that while this cycle was not what ETH investors expected, “the Ethereum market structure and ecosystem has matured during this time,” adding:

“I can’t defend the price action this cycle, it has significantly underperformed $BTC and many others.”

The attached chart suggested that if ETH loses support at $2,800, it will likely fall towards the next major support level around $2,100.

Data from Glassnode showed that the next significant support below $2,800 is around $2,100, where approximately 2.1 million ETH was previously purchased.

Related: Ethereum may accelerate in January as the gas limit increases to 80M

Though Polimarket bettors estimate only about an 11% chance of ETH falling to $2,000-$2,200 before the end of 2025, See there is an 83% chance that the price of ether will rise to $2,500 again and a 59% chance that it will fall to $2,000 in 2026.

The lowest price for Ether for 2025 is $1,380, which was reached in April, and the last time ETH/USD was priced at $2,100 was on May 9. However, the current decline of 42% from all-time highs is relatively shallow. Previous bear cycles have bottomed out after price declines of around 80-90%.

Investors are reducing risk with Ethereum ETFs

Institutional demand for US Ethereum spot funds (ETFs) has declined, according to data from Farside Investors.

These investment products saw five consecutive days of outflows totaling $533.1 million, reducing assets under management to $17.34 billion.

“Capital outflow continues from US Ethereum ETFs,” CryptoQuant IT Tech analyst he said in his latest post on X, adding:

“Investors are de-risking or quietly withdrawing from ETH, suggesting no immediate return to the Ether market.”

Additional data from Capriole Investments discovers that daily purchases by Ethereum treasury companies dropped from a peak of 78,010 ETH on August 23 to 12,095 ETH per day.

Even as BitMine accelerates Ether purchases, many onchain and technical indicators around ETH have turned bearish, suggesting further trouble ahead.

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