After the approval of Ethereum exchange-traded funds (ETFs), Ether (ETH) rose to $3,972 but showed poor performance last week with a 7% drop. This has left investors questioning whether the altcoin’s downtrend has ended. According to some analysts, a series of market and technical indicators suggest that ETH could witness a deeper correction before attempting another recovery.

Crypto analyst Michaël van de Poppe highlighted the ongoing decline in altcoin prices, attributing it to market weakness and upcoming economic events. He pointed out that altcoins are in turbulent waters as a significant Fed meeting approaches. However, he foresees a potential reversal on the horizon, noting that Bitcoin and Ethereum have surged to new highs following previous Fed meetings.

Additionally, he mentioned that the “Roaring Kitty” phenomenon has influenced altcoin prices, with some dropping by more than 20%. Van de Poppe emphasized that the real cause of the correction is the upcoming CPI data and the Fed meeting scheduled for today (June 12), which typically leads to downward momentum in the crypto markets.