Ethereum (ETH) price trades at $2,538.2 as of 3 PM, dropping after opening at $2,622.81 and hitting a daily high of $2,641.2. ETH is down -3.32% on October 23.

Ethereum’s price decline of nearly 2.0% follows Bitcoin’s October 23 slump. The bearish trend began after BTC’s weekend rally peaked on October 20. Since then, ETH and the broader crypto markets have trended lower. Investors should exercise caution as this downward movement could persist until Bitcoin establishes a local bottom.

As the pioneering smart contract platform since 2015, Ethereum maintains its dominance through continuous network upgrades. However, ETH price action over the past year has disappointed investors despite high expectations following spot ETF approval.

The year-to-date (YTD) performance has declined to 9% from around 20% just three days ago. If Bitcoin’s outlook remains bearish, Ethereum’s underwhelming performance could worsen, though it maintains its position as the second-largest cryptocurrency with a $305.9 billion market cap.

Together, Ethereum and Bitcoin control nearly 70% of total crypto market capitalization. While ETH has consistently held the second spot behind BTC, with rare exceptions when Tether (USDT) and Ripple (XRP) briefly took that position.

Despite price challenges, Ethereum’s 24-hour trading volume remains robust at $13.4 billion, with 11% occurring on Binance. The network continues implementing crucial upgrades, most notably the transition from Proof-of-Work to Proof-of-Stake through the London hard fork, improving security, decentralization and transaction costs.

The Ethereum gas price currently stands at approximately 9 Gwei. This transaction fee typically increases during bull markets when on-chain activity intensifies.

Looking ahead, while short-term market conditions appear bearish, long-term forecasts suggest significant growth potential. By 2025, ETH could trade between $2,500-$3,300. The 2024-2030 period may see Ethereum surpass its current ATH of $4,864 and potentially reach $22,900.

Projections extend even further, with models indicating Ethereum could hit six-figure valuations by 2050, potentially averaging around $126,482 and peaking near $134,000.

However, current challenges include difficulty attracting institutional investors despite ETF approval, competition from “Ethereum-killer” platforms like Solana, and the meme coin phenomenon drawing retail attention elsewhere. The upcoming US elections in November could potentially impact ETH price movement through ETF flows, which currently show significant outflows.