The second-largest cryptocurrency in the world, Ethereum (ETH), has been under heavy selling pressure after a good start to the month of October 2023, falling under $1,600 earlier this week.
At the time of publication, the market capitalization of Ethereum is $187 billion and its price is $1,558. According to well-known crypto expert Ali Martinez, the price of Ethereum has been quite stable within a predictable range. Notably, the TD Sequential indicator has produced a buy signal close to this range’s bottom limit, suggesting that ETH may return to $1,630.
But it’s important to proceed with caution. The positive forecast can be invalidated if the ETH price closes below $1,530.
Mixed Reviews on Ethereum
As per a Reuters report on Wednesday, October 11, Standard Chartered Bank predicts that the ETH price will reach $8,000 within the next two years or by early 2026 at the latest. This positive outlook is based on Ethereum’s increasing presence in smart contracts, gaming, and tokenizing traditional assets. Geoff Kendrick, Head of FX Research at Standard Chartered, also suggests a more ambitious long-term valuation of $26,000 to $35,000 by 2040, driven by real-world use cases.
However, not everyone shares the same optimism for Ethereum. Following the Shanghai upgrade in April, there was a 12% decrease in daily transactions on the Ethereum network, according to a JPMorgan Chase report. Analysts at the bank, led by Nikolaos Panigirtzoglou, expressed concerns about the declining network activity on the platform.
There was a significant 20% drop in daily active addresses, and the total value locked on the Ethereum network decreased by 8%. Additionally, the introduction of nine Ether futures ETFs did not yield satisfactory results. Consequently, ETH has been losing ground to Bitcoin.
Ethereum Price Predictions
Ethereum is currently trading within the critical demand zone of $1,530-$1,630. Benjamin Cowen, a well-known analyst, shared his perspective on Ethereum’s future through his YouTube channel. He anticipates a decline in Ethereum’s value by the end of this year.
According to Cowen, it is highly probable that Ethereum will drop to below $1,200 within the next two and a half months, and potentially even lower.
Despite this prediction, Ethereum whales have been actively accumulating, with the top 10 largest ETH wallets acquiring an additional 40 million ETH recently.