Ethereum News: Potential Further Decline as Analysts Warn of Key Support Levels

A detailed analysis of Ethereum’s recent price movements and future outlook reveals key support levels that investors should watch amid ongoing market weakness.

Ethereum’s Price Analysis: Key Levels to Watch Amid Market Weakness

In the last 30 days, Ethereum has seen a drop of 27.7%. Currently, the Ethereum price stands at $1,976.75. Analysts warn that if the downtrend continues, the price could slip as low as $1,060. A price action analysis indicates that the Ethereum market has attempted to break above the $4,000 level at least three times in the current cycle but has been rejected each time, pushing the price further downward. The ETH market has also slipped below an upward-sloping trendline support that had been holding since the previous cycle bottom.

Standard Chartered: Coinbase Sold $37M Ethereum in Q4

An analyst from multinational bank Standard Chartered believes that crypto exchange Coinbase proactively sold 12,652 Ethereum (approximately $37 million) throughout Q4 2024. They explained that Coinbase’s layer-2 network Base drives demand for Ethereum but the company’s profit taking is hurting the underlying blockchain’s price action. Standard Chartered also slashed its 2025 price target for Ethereum from $10,000 to $4,000 earlier this week, claiming that layer-2 network Base had removed $50 billion from ETH’s market cap due to profit taking.

Ethereum to Phase Out Holesky Testnet by September 2025

Due to recurring issues that hindered testing for the upcoming Pectra upgrade, the Ethereum Foundation has announced plans to end support for the Holesky testnet by September 2025. The network will instead use a new testnet called Hoodi for Pectra-related testing. Holesky faced major issues during the last Pectra upgrade test, including chain splits caused by incorrect deposit contract addresses used by several execution clients. While another testnet, Sepolia, recovered swiftly from similar issues, Holesky struggled with inactivity leaks that complicated validator exits.

Ethereum’s Next Move: Can ETH Maintain Above $2,000 for Explosive Growth?

Ethereum’s breakout above $2,000 could spark a significant price surge, driving it toward key resistance levels of $3,244.68, $3,813.21, and $4,504.37. Experts predict an uptrend if ETH maintains above $2,000. Ethereum’s solid performance in DeFi, smart contracts, and NFTs fuels investor interest, showcasing long-term bullish potential. ETH is NEAR a critical support level, and a breakout could confirm the next leg up toward major resistance zones.