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Ethereum Market Cap Lost Billions, but Analysts Expect Growth
Ethereum’s price fell more than 6% in the last 24 hours to $4,172, reaching its lowest level since early August. This decline wiped out billions of dollars from ETH’s market capitalization, which now stands at approximately $503 billion.
However, analysts believe this situation could mark the beginning of the next accumulation phase. Michael van de Poppe considers the $4,100–$4,000 range to be a zone for long-term investments.
According to his chart, if ETH manages to stabilize and regain its position, the next key target is around $5,766.
Conversely, failure to hold above $4,000 could trigger a deeper correction to the $3,600–$3,800 range, where stronger liquidity is observed.
Data from CryptoQuant shows that since mid-September, Ethereum’s open interest on Binance has dropped roughly 15%, returning to levels last seen at the beginning of the month.
Net taker volume has turned deeply negative, indicating aggressive selling pressure, while funding rates on major exchanges have moved into negative territory.
Clearly, short positions dominate, and longs opened at higher prices have been closed. Historically, such conditions at key support levels often coincide with capitulation and oversold conditions.
See also: "Bitcoin: Price Holds Around $113K Amid Fed Rate Concerns"
