The Ethereum price has been experiencing significant volatility recently, fluctuating between $2,600 and $2,300. Amid this turbulence, a prominent crypto analyst has highlighted a critical support level that, if breached, could trigger a further selloff in the Ether market and potentially drive its price lower. Several factors are at play that could influence ETH’s price in the coming days.

Ethereum Price Faces Potential Further Decline

Renowned crypto expert Ali Martinez recently shared an analysis on X (formerly Twitter) identifying $2,300 as a crucial support level for Ethereum. Martinez noted that over 2.4 million addresses have purchased 5.6 million ETH at this price point.

Martinez warns that if Ether falls below this level, it could spark a selloff as investors seek to minimize losses. In a separate analysis, he pointed out that ETH tends to show a strong correlation when it breaks below its TD setup support trendline. Historical patterns suggest an average drop of around 53% in such scenarios, which could spell trouble for the crypto if it loses the $2,250 support.

Despite these bearish signals, some analysts remain optimistic about Ethereum’s long-term potential. A popular crypto analyst known as EᴛʜᴇʀNᴀꜱʏᴏɴᴀL on X suggests that Ethereum is in the final stage of its accumulation process, preparing for a major bull run in 2025. The analyst cites historical trends to support this prediction.

What’s Next for ETH Price?

Ethereum’s price has been highly volatile lately, with slowing US Spot Ether ETF inflows raising concerns about shifting market interest from ETH to other top altcoins. However, many in the crypto space remain bullish on the second-largest cryptocurrency by market cap.

Historical data indicates that the crypto market often performs well in the year’s final quarter. Additionally, the upcoming US Presidential Election could potentially boost ETH’s price in the near future.

Standard Chartered’s Global Head of Digital Assets Research, Geoff Kendrick, recently shared a bullish outlook. He predicts that if Donald Trump wins and maintains a pro-crypto stance, Solana’s price could see a 5X surge by 2025. For Ethereum, Kendrick forecasts a 4X jump, and a 3X increase for Bitcoin, sparking optimism in the market.

An Ethereum price prediction suggests a potential ETH rally of around 11% by December this year, generating both speculation and optimism among investors closely monitoring the cryptocurrency’s price movements.