Tom Lee Maintains $7,000 Ethereum Price Forecast, Anticipating a Drop to $2,500 First

Tom Lee's Ethereum Price Prediction: Tom Lee maintains a price target of $7,000 to $9,000 for Ethereum, despite anticipating a temporary drop to $2,500 before a potential recovery in the fourth quarter.

Current Market Conditions: Ethereum is currently struggling to regain strength, with recent price movements showing bearish trends and a significant drop to around $2,850, which has been a critical support level.

Technical Analysis: A symmetrical triangle pattern is forming in lower timeframes, indicating a potential breakout, with key resistance at $2,925 and support at $2,860, while the RSI suggests neutral momentum.

ETF Inflows and Market Sentiment: Despite ongoing net outflows from the Ethereum market, there was a notable inflow of $96.6 million into Ethereum ETFs, primarily driven by BlackRock, indicating a slight improvement in market liquidity.