Ether Could Remain 'Subdued' in the Weeks Ahead: Analyst

What to Know

$2,021 — Ether is trading well below its October high as macro risks weigh on price action
$19 billion was wiped from the market during October's liquidation cascade, and trust has yet to recover
13 — The Crypto Fear & Greed Index hit an extreme fear reading on Friday, the lowest since 2022
3.62% of all circulating ETH is now held by BitMine Immersion Technologies after its latest accumulation spree

Ether price appears set for sideways trading in the coming weeks, according to Swyftx lead analyst Pav Hundal, who argued on Thursday that most near-term macro risks have already been absorbed. With ETH at roughly $2,021 — down 56.8% from its October peak — Hundal cautioned that the second-largest cryptocurrency is caught between fading confidence and a lack of fresh catalysts.

Why Is the Ether Price Expected to Stay Subdued?

Macro uncertainty and geopolitical risk are already priced into Ether's valuation, leaving little room for a short-term breakout, according to Hundal. He told reporters that escalating tensions involving Iran and progress on the US CLARITY Act are no longer surprises for the market.

The analyst described Ethereum's situation as a "double whammy." October's liquidation cascade stripped $19 billion from the crypto market, and consumer sentiment has since deteriorated to levels not witnessed since 2022. Hundal stressed that traders are so focused on finding the next liquidity wave that they are ignoring the deeper story around retail conviction.

A lot of near-term uncertainty is priced into Ethereum. It would not surprise me at all if ETH remains pretty subdued over the next few weeks.
— Pav Hundal, Lead Analyst at Swyftx

Consumer Sentiment Hits Extreme Fear

The Crypto Fear & Greed Index posted an extreme fear score of 13 on Friday, underscoring how cautious crypto investors have become. Hundal argued that consumer sentiment is "the big story that no one is really talking about."

Despite the bearish mood, institutional buyers keep accumulating. BitMine Immersion Technologies, the largest Ether treasury company, recently purchased 45,759 ETH, pushing its total to 4,371,497 ETH — roughly 3.62% of the 120.7 million ETH in circulation.

ETH Trails Bitcoin by a Wide Margin

Ether has slumped 56.8% from its October high of approximately $4,687, while Bitcoin set a fresh all-time high of $126,100, according to CoinMarketCap data. The divergence highlights how far Ether has lagged the broader rally in digital assets.

Still, there are early hints of rotation. Over the past seven days the ETH/BTC ratio — a gauge of Ether's relative strength against Bitcoin — has climbed 3.58%, according to TradingView.

What Could Change the Outlook for Ether?

Hundal expects Ether to test even seasoned investors over the medium term, but he is watching for signs that ETH may start to outperform Bitcoin. He described the potential for such a shift as "potentially explosive."

For now, depressed consumer sentiment, aftershocks from the $19 billion October liquidation event, and geopolitical uncertainty suggest that Ether price may remain rangebound. Traders will be watching for catalysts — whether from on-chain developments, regulatory clarity, or a broader shift in risk appetite — that could finally break the current sideways pattern.