Ethereum has been under pressure recently, trying to stabilize around $2,500 after facing several challenges. Here’s a breakdown of its current situation, the latest Ethereum price prediction, and what could come next for ETH.
Stabilizing at Key Support Level
Ethereum retested its daily support level of $2,461 on Thursday.
Currently, ETH is trading slightly lower at around $2,519.
If the price breaks below the $2,461 support, it may drop by over 12% to retest its low from September 6 at $2,149.
Also Read: Ethereum Classic Price Prediction 2024-2030: Will ETC Price Cross $50?
Potential Rally if Resistance Breaks
On the upside, if Ethereum rises and closes above $2,560, it could see a rally.
This could push the price to retest its Monday high of $2,769.
Impact of the Bull Cycle’s End
The end of the 2024 bull cycle has had a significant impact on Ethereum.
Ethereum had soared to over $4,000 during the peak of the cycle but now hovers around $2,500.
Layer 2 Blockchain Issues
Ethereum’s price has been struggling, not just because of the general market downturn.
Layer 2 blockchain revenue siphoning has added further pressure, reducing the chances of a rebound.
The cryptocurrency may need a new bull cycle and a solution to these Layer 2 problems for sustained gains.
Whale Activity Affecting Ethereum
Data from Lookonchain revealed a major crypto investor sold 3,000 ETH, worth $7.64 million.
This sale caused Ethereum to drop by 1.4%, from $2,545 to $2,510 within minutes.
Although ETH recovered slightly to $2,520, it remains down nearly 2.5% over the past 24 hours.
Previous Whale Sell-Off in July
On July 1, the same investor sold 7,000 ETH, valued at around $24.28 million.
After this sale, Ethereum’s price plunged from $3,432 to $2,981 within days.
Ethereum’s Long-Term Outlook
Ethereum continues to be the second-largest cryptocurrency by market capitalization.
It remains central to decentralized finance (DeFi) and non-fungible tokens (NFTs).
As Ethereum transitions to Proof of Stake (PoS) with Ethereum 2.0, its scalability and energy efficiency are expected to improve, helping solve network congestion.
Price Predictions for Ethereum
Analysts believe that Ethereum could rise to $5,000–$6,000 over the next 24 months.
This growth will likely be driven by continued innovation in DeFi and the increasing adoption of Layer 2 solutions.
Ethereum's future remains uncertain, but with its critical role in DeFi and upcoming upgrades, the next few years could be pivotal for the cryptocurrency.