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Ethereum is going through a lean period. After plunging more than 31% in one month, the world’s second largest cryptocurrency seems doomed to a halt. And according to a leading analyst, this lull could last.
In short
- According to Pavo Hundal, an analyst at Swyftx, ETH should remain stable in the coming weeks and lack new catalysts.
- A massive $19 billion liquidation in October severely damaged investor confidence.
- The ETH/BTC ratio is up 3.58% in seven days, a signal to watch closely.
Ether under pressure, but risks already absorbed
Pav Hundal, chief analyst at Swyftx, was the first to make the diagnosis in a statement to Cointelegraph last Thursday. According to him, Ether has already priced in most of the short-term macroeconomic and sectoral uncertainties.
“I wouldn’t be at all surprised if ETH stays pretty quiet over the next few weeks“, he says bluntly.
The geopolitical tensions surrounding Iran as well as the legislative advances associated with the US CLARITY Act are now being reflected in the price. In other words, the market has already digested the news. Without new catalysts, it is hard to imagine significant upward momentum.
What weighs more is the trauma left by the wave of liquidations in October. In just a few weeks, $19 billion left the market. A brutal shock that caused investor confidence to drop to levels comparable to the 2022 crisis.
Today, ETH is down 56.8% from its October peak of around $4,687.
Consumer morality, a real forgotten topic
Pav Hundal points to a blind spot that is often ignored in market analysis: consumer morality. “To me, this is a major issue that no one really talks about“, he insists.
Too many investors think about the next source of liquidity without paying attention to the psychological state of the retail market.
The Crypto Fear & Greed index confirms this uneasiness. On Friday, it posted a score of 13, the “extreme fear” level, a sign that retail investors remain protected.
However, the institutions do not share this reluctance. BitMine Immersion Technologies, the largest ETH treasury company, recently acquired 45,759 more ETH, bringing its total balance to 4.37 million ETH, which is about 3.62% of the circulating supply. A strong strategic accumulation signal that is contrary to the prevailing sentiment.
In the medium term, Hundal foresees a scenario that will “test even the most experienced investors”. But he’s keeping a close eye on the ETH/BTC ratio, which is up 3.58% in seven days: if ETH starts to outperform Bitcoin, “things could get potentially explosive,” he warns.
In the background, Ethereum is quietly preparing a Glamsterdam update for the first half of 2026, which promises major improvements in scalability and user experience, a potential catalyst to watch in the medium term.
Ether plays for time. The technical foundations are improving, the institutions are accumulating and the immediate risks seem to be absorbed. However, without a clear trigger, the consolidation is likely to drag on. Patience and vigilance remain the watchwords.
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I am passionate about Bitcoin, I love exploring the intricacies of blockchain and cryptocurrency and sharing my discoveries with the community. My dream is to live in a world where privacy and financial freedom are guaranteed for everyone, and I firmly believe that Bitcoin is the tool that can make this possible.
DISCLAIMER OF LIABILITY
The views, thoughts and opinions expressed in this article are solely those of the author and should not be taken as investment advice. Before making any investment decision, do your own research.
