Citi Forecast: Ethereum (ETH) May Fall to $4,300 by Year‑End — Bull $6,400, Bear $2,200

In its latest market update, Citibank issued an ETH forecast projecting a year‑end target of $4,300 under a neutral scenario, modestly below the prevailing Ethereum price. The bank frames this outlook using a combination of macro indicators and on‑chain metrics.

Citi’s scenario analysis establishes a clear risk‑reward envelope: a bullish case near $6,400 and a bearish outcome around $2,200, providing investors with calibrated range forecasts to inform position sizing and portfolio stress testing.

Analysts emphasize that network activity is the core valuation driver, while much recent growth has migrated to layer‑two networks; Citi estimates roughly 30% of L2 activity transmits to the mainnet, a factor that reconciles activity‑based models with current market levels.