The analyst provides a long-term technical analysis for Ethereum (ETHUSDT), with a brief short-term overview. The immediate outlook suggests the asset is at the bottom of its range, indicating a potential price spike into the $2840-$2860 area. A strong reaction from this level could lead to re-claiming the $2900 range and a rally up to $3030. For the longer term, extending into Q1 2025 and 2026, the analyst expresses a generally bearish sentiment. Technically, Ethereum is considered to be in a downtrend, having broken down from the $3600-$3800 region. While a local bottom is anticipated around $2700, followed by a potential rally to fill a liquidity gap up to the $3600-$3800 zone, this upward movement is predicted to be temporary. The analysis forecasts a rejection from this region, leading to a subsequent downward push. The long-term bearish target is identified as the yearly value area low, specifically within the $2200-$2000 range. This forecast assumes no significant positive fundamental changes, such as major institutional adoption or substantial ETF inflows, which are currently deemed unlikely. The current price is approximately $2880. A price movement above $3900 would invalidate this long-term bearish thesis.