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After a strong start to October, the largest altcoin Ethereum (ETH) faced significant selling pressure as it fell below $1,600 earlier this week. Now, investors are focused on what to expect from ETH in the short term.
Mixed Opinions on ETH
At the time of writing, ETH was trading at $1,558 with a market cap of $187 billion. Technical indicators for ETH have started to shift in a positive direction. Crypto analyst Ali Martinez noted that the price of the altcoin king has been relatively stable within a consistent range.
In particular, the TD Sequential indicator has given a buy signal near the lower end of the range, suggesting that ETH could rise to $1,630. However, a daily candle close below $1,530 could cancel the bullish scenario.
Currently, ETH is trading between the critical demand zone of $1,530 and $1,630. Another closely followed crypto analyst, Benjamin Cowen, evaluated the current outlook for Ethereum and expressed the possibility that the price of ETH could remain in a downward trend until the end of the year:
In my opinion, the most likely scenario is for Ethereum to drop below $1,200 in the next two and a half months, and perhaps even lower.
Ethereum Price Predictions
On the other hand, a report shared by Reuters on October 11th included Standard Chartered Bank’s latest Ethereum price predictions. The bank expects ETH to reach $8,000 within the next two years or by early 2026. This optimistic outlook is based on the expansion of Ethereum’s use cases, such as smart contracts, games, and tokenization of traditional assets. Additionally, Geoff Kendrick, the Head of Standard Chartered FX Research, emphasized that they expect the price of ETH to settle between $26,000 and $35,000 by 2040.
However, not everyone shares the same view on Ethereum’s future. A report by JPMorgan shows a 12% decrease in daily transactions on the Ethereum network following the Shanghai update in April. JPMorgan analysts are concerned about this decline in network activity.
According to current data, there has been a 20% decrease in daily active wallet addresses on the Ethereum network. Additionally, the total value of locked assets on the Ethereum network has decreased by 8%, and the ETFs opened for trading after the approval of 9 Ethereum-based ETFs by the U.S. Securities and Exchange Commission have not met expectations.
