Citi Ups Ethereum Target to $3,028, But ETF Outflows Remain a Concern

Ethereum's price prediction has been revised upwards by Citi, with the bank now targeting $3,028 for the asset in the next 12 months. This represents a 35% increase from Citi's previous forecast of $2,240.

The improved outlook for Ethereum is largely due to stronger digital-asset activity, a more supportive macro backdrop, and renewed institutional participation. Citi cited these factors when raising its forecasts for both Bitcoin and Ethereum.

However, there are still obstacles to Ethereum's growth. The asset has struggled to hold above the $2,800 area during recent attempts higher. A clean breakout above this level could reopen the path towards $3,000, but ETF outflows are a warning sign.

U.S. spot Ethereum ETFs recorded $55.4 million in net outflows on October 1, following another $59.6 million in withdrawals on September 30. This is a sharp reversal from the stronger stretch earlier in September, when ETH funds recorded five consecutive positive sessions totaling roughly $690 million.