Ethereum fell roughly 4% to around $2,600 Wednesday, putting fresh pressure on its recent recovery just days after Citi raised its 12-month ETH price target to $3,028.
The decline was part of a broader crypto selloff as the 10-year Treasury yield climbed above 5.3%, the U.S. dollar strengthened and oil prices returned above $100. ETH traded near $2,599, while Bitcoin fell below $84,000 and XRP dropped toward $1.46.
Citi’s target was issued on Oct. 1 rather than during Wednesday’s selloff. The bank raised its Ethereum forecast from $2,240 to $3,028, a roughly 35% increase, citing stronger crypto activity, improving macro conditions and expectations for renewed investment flows.
ETH Is Moving Away From $3,000
At $2,600, Ethereum would need to gain roughly 16% to reach Citi’s $3,028 target.
The immediate technical picture has weakened significantly. ETH had repeatedly tested the $2,775–$2,825 region during September, making $2,800 the key breakout level for another attempt at $3,000.
Instead, sellers have pushed Ethereum back toward the $2,600 area.
That brings the lower end of its recent range into focus. A sustained break below approximately $2,600 could expose the $2,500 region, while reclaiming $2,700 would be the first step toward rebuilding momentum.
ETF Outflows Add Pressure
Institutional flows are another near-term problem.
U.S. spot Ethereum ETFs recorded approximately $201.9 million in net outflows on Oct. 6, their largest withdrawal in weeks, while Bitcoin ETFs attracted $118.8 million. The divergence reinforces the recent weakness in ETF demand.
That is particularly important because Citi’s bullish thesis partly depends on crypto investment flows returning. The bank expects around $5 billion in crypto inflows over the next 12 months, although it expects allocations to arrive gradually rather than through another sudden surge.
Ethereum’s supply picture remains more constructive. More than 1.5 million ETH was recently waiting to enter staking, compared with roughly 786,000 ETH queued to exit, strengthening the longer-term staking argument.
Meanwhile, the network’s Glamsterdam upgrade is testing substantially higher Layer-1 capacity.
