Ethereum (ETH) has struggled to keep up with Bitcoin's recovery, dropping to $2,410, a 7.95% decline for the month. After reaching a high of $2,820, ETH has failed to sustain upward momentum, falling to $2,150, sparking fears of further losses. Despite unfavorable conditions, analysts like CryptoWZRD remain optimistic, predicting a 48% rally to $3,550 if Bitcoin surges.

However, market indicators suggest more downside. Positive exchange netflow indicates selling pressure as ETH flows into exchanges. The exchange supply ratio spike and higher retail trader ownership compared to whales point to increased volatility.

If current conditions persist, ETH could drop to $2,224. A breakout, however, may lead to a rise to $2,527.