TL;DR

Ethereums price struggles below $2,800, with some analysts warning of a potential drop to $1,200 if key support fails. Others, including Michael van de Poppe, remain optimistic, citing Trump-linked investments as a bullish indicator.

ETH Bulls to Suffer More Pain?

Ethereum (ETH) the second-largest cryptocurrency in terms of market capitalization is among the very few leading digital assets that have not charted impressive gains during the bull cycle in the past several months. It currently trades at less than $2,800, representing a 24% decline on a 30-day scale.

ETH Price, Source: CoinGecko And while many industry participants believe the asset has yet to catch up with Bitcoin (BTC) and the rest of the market, some are quite pessimistic. The popular X user Nebrascangooner recently claimed that the potential cup and handle pattern witnessed on ETHs price chart is no longer valid.

The analyst suggested that the valuation formed a double top in the past year, envisioning a collapse to as low as $1,200 if it loses the $2,400 support. 

No breakdown currently, though, and its sideways in a large consolidation, they added.

The Bullish Scenario

As mentioned above, the majority of analysts on X remain optimistic that ETH will hit a new all-time high in the following months. The one using the X moniker MANDO CT thinks the long-awaited rally of the asset is about to happen, setting a target of $10,000 per coin. 

Michael van de Poppe also chipped in, saying that if Donald Trump bets massively on ETH, its almost foolish not to follow that route at these valuations. 

To the uninitiated ones, World Liberty Financial (WLF) a DeFi project linked to Donald Trump and his family has recently made significant investments in Ethereum and other cryptocurrencies. Additionally, Eric Trump, the son of the American president, claimed that now is a great time to add ETH.  

Some key on-chain metrics also signal that the price of the asset might be on the verge of a rally. According to CryptoQuant, ETHs exchange netflow has been negative in the past three days. This suggests a potential shift from centralized platforms toward self-custody methods, which in turn reduces the immediate selling pressure.