In recent years, the Ethereum network has undergone updates to remain competitive alongside emerging blockchains. Meanwhile, market volatility continues to impact crypto assets.
Status of the Ethereum Network
According to data from Santiment, average fees on the Ethereum network have dropped to a five-year low of about $0.168. The data indicates that the network recorded the lowest daily transaction costs since May 2, 2020. The core developers of Ethereum, led by Vitalik Buterin, are implementing significant upgrades to maintain competitiveness against other emerging blockchains like Solana.
Price Predictions for Ethereum
After being caught in a downward trend since early December 2024, Ethereum appears to have reached a bottom. Crypto analyst Benjamin Cowen believes that Ethereum's price is following a similar fractal pattern to the 2020/2021 bull cycle. Data shows that Ethereum has established a solid support level around $1,528, where 2.61 million addresses have accumulated over 4.82 million Ether. Given the current conditions, a possible rebound toward $2.1k is likely.
Global Economic Factors
Ongoing negotiations in global trade wars have also affected the broader crypto market, complicating the situation amid a continuing capital flight to the gold market. Federal Reserve Chairman Jerome Powell noted that markets can expect continued volatility amid an ongoing decoupling between the United States and China.
Considering the latest network updates and economic conditions, Ethereum is preparing for a possible bullish phase. However, careful monitoring of market changes remains necessary.
