The analyst maintains a bearish outlook on Ethereum (ETH), citing a weakening fundamental thesis compared to Solana (SOL) and Hyperliquid, with technical analysis pointing toward a sustained downtrend. If the current bearish consolidation continues, the price target is set at $1,300 for 2025, with potential further downside to the 2022 bear market lows near $876. Key resistance levels for invalidation are identified at $2,377 for a tight exit or $2,700–$2,800 if broader risk assets pull the price higher.