Ethereum seen range-bound for weeks… “Short-term uncertainty already priced in”

Ethereum (ETH) has already priced in short-term macro factors and industry issues to a significant extent, suggesting it could remain in a constrained range for the time being, according to an analysis.

According to a Cointelegraph report on the 27th (local time), Pav Hundal, chief analyst at Swyftx, said, “A significant portion of the short-term uncertainty is already priced into Ethereum,” adding, “It is highly likely to remain relatively quiet over the next few weeks.”

He also assessed that geopolitical tensions surrounding Iran and progress on the U.S. digital asset market structure bill (the CLARITY Act) have already been reflected in prices. Without any additional unexpected catalysts, the market is likely to remain range-bound, he explained.

Hundal said the $19 billion liquidation event that occurred in October last year is still weighing on the market. The incident unwound large leveraged positions, damaging investor sentiment, and confidence has not been fully restored, he argued. Ethereum has fallen 31.65% over the past 30 days and is currently trading at around $2,046.

Market sentiment also remains subdued. The Crypto Fear & Greed Index stood at 13, entering the “Extreme Fear” zone. Hundal stressed, “Investors are only watching for the next liquidity inflow, but consumer sentiment is the key variable.”

Meanwhile, BitMine Immersion Technologies, which runs an Ethereum treasury strategy, recently bought an additional 45,759 ETH, bringing its holdings to a total of 4,371,497 ETH. This amounts to about 3.62% of the total circulating supply of 120.70 million ETH.

Hundal also noted the possibility of increased volatility over the medium term. “Ethereum may enter a phase that tests even seasoned investors,” he said, adding, “If the ETH/BTC ratio turns higher, momentum could strengthen sharply.” Over the past seven days, the ETH/BTC ratio has risen 3.58%.