Ethereum Price Drops 17% In 7 Days: What Is Going On With ETH?

Zinger Key Points
  • While Ethereum’s prices have seen a recent drop, traders predict this could be prep up for rally.
  • North Korean hackers reportedly lost nearly half a million dollars betting on Ethereum's price rise.

Ethereum ETH/USD has dropped 17% in the past week, but analysts and traders suggest this could be a setup for a significant rally in 2025, fueled by increased investor interest and key bullish metrics.

What Happened: Lookonchain posted on X on Dec. 23 that North Korean hackers suffered a $458,000 loss after betting on an Ethereum price increase.

They deposited $476,489 USDC on Hyperliquid HYPE/USD to take a long position at $3,791.8 but were liquidated when Ethereum's price fell to $3,251.8.

CryptoQuant detailed shows key Ethereum metrics having turned bullish, such as moderately positive funding rates.

The Korea Premium Index for Ethereum suggests a significant price premium on South Korean exchanges, signaling heightened local demand.

Lastly, both institutional and retail investors are showing renewed confidence, with Ethereum fund holdings increasing despite the price dip.

Also Read: Ethereum Price Plummets 5%: Why Is ETH Going Down?

Trader Notes: Amid the downturn, crypto trader Jelle noted Ethereum’s struggle to break above $4,000, a key resistance level. However, he remains skeptical that bears can "hold it down for a fourth time."

Adding optimism, IncomeSharks described the price drop as a "chimney pattern," hinting at a potential Santa Claus rally heading into the year-end.

Implying positive long-term sentiment, Quinten Francois dubbed Ethereum the “underdog of this cycle,” highlighting its potential for "massive accumulation" rather than speculative hype.

Cold Blooded Shiller predicts Ethereum will have a "really good 2025," suggesting that a price dip to $2,750–$3,000 could be an excellent entry point for long-term positioning.

However, he notes Ethereum's 2024 performance may be limited to a 20% gain.

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