Ethereum price is warned to potentially drop to $2,476

As of the latest update, ETH is trading around $2,825. However, technical signals still indicate weakness, and the latest Ethereum price forecasts also reflect this. Many indicators suggest that the market’s true bottom may still be unseen.

BiEthereum Price Chart | Source: CoinphotonAn important support zone is at $2,476, about 18% below the current price. This area is of particular interest to traders, as many key technical levels converge here.

The market currently faces a clear issue: large buying and selling forces are happening simultaneously, causing the price trend to be unclear. Until this balance shifts, Ethereum is likely to continue fluctuating within a broad range rather than forming a clear recovery trend.

Major Buyers and Sellers Are Offsetting Each Other

Some large organizations continue to buy Ethereum, notably BitMine, which has accumulated a significant amount of ETH in recent weeks. This move demonstrates long-term confidence in Ethereum and often helps stabilize the market. Notably, amidst the weak market conditions, BitMine is the only major organization maintaining strong buying activity.

Conversely, other large organizations have been consistently selling. Sharplink and several companies related to major financial funds have sold ETH while their stock prices declined sharply. When one side buys while the other sells simultaneously, it’s difficult for the market to generate strong upward momentum, leading to a standoff like the current situation.

ETH is also trading below its realized price of $2,316 — the average price at which most investors purchased. The fact that the price remains below this threshold indicates significant selling pressure.

ETH undervalued | Source: CryptoQuantFurthermore, traders using high leverage continue to increase market risk. Many long positions ( with high leverage ratios are being liquidated repeatedly, weakening recovery efforts. A major wallet holding ETH with 25x leverage has been repeatedly liquidated recently. These liquidations show that the market is still shedding weak investments and struggling to build a solid foundation for a new bull cycle.

Ethereum Price Forecast: On-Chain Signals Indicate Further Downside Risk

An important on-chain indicator is SOPR )Return on spent output ratio(, which is reflecting clear selling pressure. SOPR measures whether investors are selling at a profit or loss. From November 4 to November 15, ETH continuously formed lower lows on the chart, and SOPR also declined sharply, indicating many investors sold at a loss during this period.

Selling at a loss like this often occurs just before the market hits its final bottom, not after. This suggests the market may need another correction to finally shake out the last weak investors.

![Ethereum price warning of potential drop to $2,476])https://img-cdn.gateio.im/webp-social/moments-f3667a692d16a7e48db9b249995f8a1d.webp(SOPR hints at deeper weaknesses | Source: GlassnodeMeanwhile, bullish traders have yet to retreat, leading to almost daily liquidations. This pattern often appears when the market is “cleansing” before establishing a stable bottom.

According to the latest forecasts, strong support is located around $2,476, coinciding with a key Fibonacci zone and previous reaction points on the chart. If selling pressure continues to rise, ETH could revisit this price level before beginning a true recovery cycle.

Ethereum Price Forecast: $3,658 is a Key Breakout Level

To establish a bullish trend again, Ethereum needs to break above $3,658 with strong buying momentum. If ETH successfully surpasses this level, the market structure will change, signaling that buyers have regained control.

Conversely, any recovery attempts below $3,658 carry a risk of failure, as the overall trend has not yet reversed.

![Ethereum price warning of potential drop to $2,476])https://img-cdn.gateio.im/webp-social/moments-9a7b4cab0d7a6dea801f6bd9b889e8db.webp(GiEthereum | Source: TradingViewThe ETF story is only a long-term support factor. BlackRock’s upcoming ETH Staked ETF fund is a positive sign for future demand, but it cannot prevent short-term selling pressure and losses if current conditions persist.

In summary, current Ethereum price signals still show signs of tension, mixed with small recovery efforts. The market’s true bottom may still be about 18% lower than current levels unless ETH’s chart breaks sharply above $3,658.