Ethereum market sentiment turns bearish, traders expect a possible drop to $2,500

Jinse Finance reported that market sentiment for Ethereum has noticeably weakened today. Users on the prediction market Myriad currently believe there is a 62.5% probability that ETH will drop to $2,500 before touching $4,000 again. Myriad is operated by Dastan, the parent company of Decrypt. Just this Tuesday (January 20), bullish and bearish views on Ethereum's next move were still roughly balanced on the platform; the day before, Myriad traders even gave a 55% probability that Ethereum would rebound to $4,000, which would be its highest point in nearly three months. As of press time, Ethereum's price stands at $3,008.04, marking a 10.6% decline over the past week. According to price aggregator CoinGecko, ETH even briefly fell below $2,900 earlier today. However, despite the pessimistic short-term price outlook, long-term sentiment appears to remain fundamentally unchanged. Earlier this week (January 19), the queue of Ethereum validators waiting to exit dropped to zero, indicating that long-term confidence among network participants remains relatively stable.