Ethereum (ETH) price today trades at $2,478.1 as of 6 PM. This drop comes after ETH price opened today at $2,622.81 and hit a daily high of $2,641.2. Since the opening price, Ether is down -5.59% on October 24.
Ethereum Price Today Drops For The Third Consecutive Day
Ethereum price’s near-2.0% slide comes after Bitcoin’s October 23 slump. This bearish trend began after BTC’s weekend rally formed a local top on October 20. Since then, ETH prices and the rest of the crypto markets have been climbing down. Investors must be cautious as this crash could continue until the pioneer crypto forms a local bottom.
Ethereum Price Chart
*Ethereum price updated as of 6 PM.
Ethereum has been the popular smart contract altcoin since its inception in 2015. However, being first is not enough, which is why the Ethereum blockchain continues to receive major network upgrades. Regardless, the ETH price action over the past year has been nothing but a disappointment to investors.
Investors had high expectations for ETH after the spot ETF approval, but Ethereum price has remained rather lull compared to the rest of the top altcoins.
Ethereum’s Historical Price Performance
The year-to-date (YTD) performance of ETH has dropped to 9% after being around 20% just three days ago. If Bitcoin’s outlook remains bearish, Ethereum’s lackluster performance will likely worsen, leading to a drop in market capitalization, which currently stands at $298.7 billion, making it the second-largest cryptocurrency.
Ethereum: The Second-Largest Cryptocurrency
Clubbing Ethereum’s $298.7 billion market cap with Bitcoin’s (BTC) $1.15 trillion shows that the duo control nearly 70% of the total crypto market capitalization. The top one and two spots have always been allocated to BTC and ETH, with the exception of a few rare cases where Stablecoin Tether (USDT) and Ripple (XRP) have crept up to the second spot in the past.
Will Ethereum’s market cap remain stable and tower over Solana (SOL), Ripple (XRP), and other altcoins? The chances are high, considering Solana and Ripple’s market capitalizations hover around $78 billion and $30 billion, respectively.
Ethereum’s Trading Volume
Although Ethereum price performance has been down bad, the 24-hour trading volume of Ethereum is $16.5 billion. About 11% of this spot Ethereum trading volume comes from Binance, one of the largest cryptocurrency exchanges. Following Binance are exchanges like OKX, Bitget, ByBit, etc.
Ethereum Blockchain Upgrade to PoS
A high trading volume and popularity are not the only two features that have kept Ethereum in the top second spot for years. ETH has received plenty of network updates since its inception in 2015. This is done to ensure that the network remains secure, decentralized, and scalable.
Toward this effort, the London hard fork stands out since it converted the blockchain from Proof-of-Work (PoW) to Proof-of-Stake (PoS). Although there were a ton of criticisms toward the switch, Ethereum has become more secure and decentralized since the upgrade. The transaction cost has also improved vastly since the London hard fork, making it a desired chain to transact on.
Ethereum Blockchain Upgrades in The Last 5 Years
Here are some key milestone upgrades to the Ethereum network over the past five years.
2024
- Cancun-Deneb (“Dencun”)
2023
- Shanghai-Capella (“Shapella”)
2022
- Paris (The Merge)
- Bellatrix
- Gray Glacier
2021
- Arrow Glacier
- Altair
- London
- Berlin
2020
- Beacon Chain genesis
- Staking deposit contract deployed
- Muir Glacier
Ethereum Gas Price Influence
Ethereum’s upgrades try to strike a balance between decentralization, security, and scalability. The Proof-of-Stake switch achieved via the London hard fork has had huge impact on scalability and has slashed gas fees exponentially.
Ethereum gas price today stands at approximately 9. Gwei.
Gwei as a tiny transaction tax. This tax or gas fee often soars during bull run when there’s more value to be extracted on-chain.
Ethereum Price Prediction & Upcoming Trends
The recent spike in Ethereum price can be attributed to Bitcoin’s uptick toward $69K. This shift in momentum for BTC could end the seven-month consolidation and potentially kickstart a comeback for ETH.
Ethereum prices 2024
As of ‘October 24, here is a comparison between Ethereum and Bitcoin’s YTD, 6-month and 1-month performance.
Ethereum price today trades at $2,752, slightly higher than Tuesday, but investors should note that the overall bias of the crypto markets is bearish and could lead to further correction ahead of the week.
Ethereum Price For Next 30 Days
| Date | Price | Change |
|---|---|---|
| October 16, 2024 | $2,610.40 | -0.41% |
| October 17, 2024 | $2,636.88 | 0.6% |
| October 18, 2024 | $2,662.24 | 1.57% |
| October 19, 2024 | $2,702.34 | 3.1% |
| October 20, 2024 | $2,725.58 | 3.98% |
| October 21, 2024 | $2,712.67 | 3.49% |
| October 22, 2024 | $2,646.35 | 0.96% |
Based on the Ethereum price prediction, investors can ETH to hover 1% lower on October 29, 2024 as compared to today’s Ether price of $2,752.
Ethereum Prices Outlook Between 2025 and 2029
| January | $2,486.50 | $2,992.67 | $2,739.58 | 13.6% |
| February | $2,486.46 | $3,207.01 | $2,846.74 | 18.1% |
| March | $2,486.42 | $3,421.36 | $2,953.89 | 22.5% |
| April | $2,486.38 | $3,635.70 | $3,061.04 | 27% |
| May | $2,486.34 | $3,850.05 | $3,168.19 | 31.4% |
| June | $2,486.30 | $4,064.39 | $3,275.35 | 35.9% |
| July | $2,486.25 | $4,278.74 | $3,382.50 | 40.3% |
| August | $2,486.21 | $4,493.08 | $3,489.65 | 44.7% |
| September | $2,486.17 | $4,707.43 | $3,596.80 | 49.2% |
| October | $2,486.13 | $4,921.77 | $3,703.96 | 53.6% |
| November | $2,486.09 | $5,136.12 | $3,811.11 | 58.1% |
| December | $2,486.05 | $5,350.46 | $3,918.26 | 62.5% |
| All Time | $2,486.27 | $4,171.56 | $3,328.92 | 38.1% |
| January | $2,714.38 | $5,352.51 | $4,114.66 | 70.7% |
| February | $2,942.71 | $5,354.55 | $4,311.05 | 78.8% |
| March | $3,171.04 | $5,356.60 | $4,507.45 | 87% |
| April | $3,399.37 | $5,358.64 | $4,703.84 | 95.1% |
| May | $3,627.70 | $5,360.69 | $4,900.24 | 103.2% |
| June | $3,856.03 | $5,362.73 | $5,096.63 | 111.4% |
| July | $4,084.35 | $5,364.78 | $5,293.03 | 119.5% |
| August | $4,312.68 | $5,366.82 | $5,489.42 | 127.7% |
| September | $4,541.01 | $5,368.87 | $5,685.82 | 135.8% |
| October | $4,769.34 | $5,370.91 | $5,882.21 | 144% |
| November | $4,997.67 | $5,372.96 | $6,078.61 | 152.1% |
| December | $5,226 | $5,375 | $6,275 | 160.3% |
| All Time | $3,970.19 | $5,363.75 | $5,194.83 | 115.5% |
| January | $5,417.25 | $5,571.75 | $6,513.75 | 170.2% |
| February | $5,608.50 | $5,768.50 | $6,752.50 | 180.1% |
| March | $5,799.75 | $5,965.25 | $6,991.25 | 190% |
| April | $5,991 | $6,162 | $7,230 | 199.9% |
| May | $6,182.25 | $6,358.75 | $7,468.75 | 209.8% |
| June | $6,373.50 | $6,555.50 | $7,707.50 | 219.7% |
| July | $6,564.75 | $6,752.25 | $7,946.25 | 229.6% |
| August | $6,756 | $6,949 | $8,185 | 239.5% |
| September | $6,947.25 | $7,145.75 | $8,423.75 | 249.4% |
| October | $7,138.50 | $7,342.50 | $8,662.50 | 259.3% |
| November | $7,329.75 | $7,539.25 | $8,901.25 | 269.2% |
| December | $7,521 | $7,736 | $9,140 | 279.1% |
| All Time | $6,469.13 | $6,653.88 | $7,826.88 | 224.6% |
| January | $7,771.92 | $8,001.25 | $9,467.83 | 292.7% |
| February | $8,022.83 | $8,266.50 | $9,795.67 | 306.3% |
| March | $8,273.75 | $8,531.75 | $10,123.50 | 319.9% |
| April | $8,524.67 | $8,797 | $10,451.33 | 333.5% |
| May | $8,775.58 | $9,062.25 | $10,779.17 | 347.1% |
| June | $9,026.50 | $9,327.50 | $11,107 | 360.7% |
| July | $9,277.42 | $9,592.75 | $11,434.83 | 374.3% |
| August | $9,528.33 | $9,858 | $11,762.67 | 387.9% |
| September | $9,779.25 | $10,123.25 | $12,090.50 | 401.5% |
| October | $10,030.17 | $10,388.50 | $12,418.33 | 415.1% |
| November | $10,281.08 | $10,653.75 | $12,746.17 | 428.7% |
| December | $10,532 | $10,919 | $13,074 | 442.3% |
| All Time | $9,151.96 | $9,460.13 | $11,270.92 | 367.5% |
| January | $10,940 | $11,331.17 | $13,534.75 | 461.4% |
| February | $11,348 | $11,743.33 | $13,995.50 | 480.5% |
| March | $11,756 | $12,155.50 | $14,456.25 | 499.6% |
| April | $12,164 | $12,567.67 | $14,917 | 518.7% |
| May | $12,572 | $12,979.83 | $15,377.75 | 537.8% |
| June | $12,980 | $13,392 | $15,838.50 | 556.9% |
| July | $13,388 | $13,804.17 | $16,299.25 | 576% |
| August | $13,796 | $14,216.33 | $16,760 | 595.1% |
| September | $14,204 | $14,628.50 | $17,220.75 | 614.3% |
| October | $14,612 | $15,040.67 | $17,681.50 | 633.4% |
| November | $15,020 | $15,452.83 | $18,142.25 | 652.5% |
| December | $15,428 | $15,865 | $18,603 | 671.6% |
| All Time | $13,184 | $13,598.08 | $16,068.88 | 566.5% |
While the short-term outlook remains clouded for crypto markets due to BTC’s consolidation, the long-term outlook remains bullish with Coingape’s Ethereum price forecast hinting at six-digit territory between 2025 and 2030.
In 2025, however, ETH could be traded hands between $2,500 and $3,300, with a potential ROI of 76%. Between 2024 and 2030, Ethereum price could surpass the current ATH of $4,864 and set up a new one, $22,900.
Ethereum Price Outlook between 2030 and 2050
2030
2031
2032
2033
2040
2050
| January | $16,092.58 | $16,559.25 | $19,264.08 | 699% |
| February | $16,757.17 | $17,253.50 | $19,925.17 | 726.4% |
| March | $17,421.75 | $17,947.75 | $20,586.25 | 753.8% |
| April | $18,086.33 | $18,642 | $21,247.33 | 781.3% |
| May | $18,750.92 | $19,336.25 | $21,908.42 | 808.7% |
| June | $19,415.50 | $20,030.50 | $22,569.50 | 836.1% |
| July | $20,080.08 | $20,724.75 | $23,230.58 | 863.5% |
| August | $20,744.67 | $21,419 | $23,891.67 | 890.9% |
| September | $21,409.25 | $22,113.25 | $24,552.75 | 918.4% |
| October | $22,073.83 | $22,807.50 | $25,213.83 | 945.8% |
| November | $22,738.42 | $23,501.75 | $25,874.92 | 973.2% |
| December | $23,403 | $24,196 | $26,536 | 1000.6% |
| All Time | $19,747.79 | $20,377.63 | $22,900.04 | 849.8% |
| January | $24,169.83 | $24,997.58 | $27,711.08 | 1049.4% |
| February | $24,936.67 | $25,799.17 | $28,886.17 | 1098.1% |
| March | $25,703.50 | $26,600.75 | $30,061.25 | 1146.8% |
| April | $26,470.33 | $27,402.33 | $31,236.33 | 1195.6% |
| May | $27,237.17 | $28,203.92 | $32,411.42 | 1244.3% |
| June | $28,004 | $29,005.50 | $33,586.50 | 1293.1% |
| July | $28,770.83 | $29,807.08 | $34,761.58 | 1341.8% |
| August | $29,537.67 | $30,608.67 | $35,936.67 | 1390.5% |
| September | $30,304.50 | $31,410.25 | $37,111.75 | 1439.3% |
| October | $31,071.33 | $32,211.83 | $38,286.83 | 1488% |
| November | $31,838.17 | $33,013.42 | $39,461.92 | 1536.7% |
| December | $32,605 | $33,815 | $40,637 | 1585.5% |
| All Time | $28,387.42 | $29,406.29 | $34,174.04 | 1317.4% |
| January | $33,881.25 | $35,131.33 | $42,063 | 1644.6% |
| February | $35,157.50 | $36,447.67 | $43,489 | 1703.8% |
| March | $36,433.75 | $37,764 | $44,915 | 1762.9% |
| April | $37,710 | $39,080.33 | $46,341 | 1822.1% |
| May | $38,986.25 | $40,396.67 | $47,767 | 1881.2% |
| June | $40,262.50 | $41,713 | $49,193 | 1940.4% |
| July | $41,538.75 | $43,029.33 | $50,619 | 1999.5% |
| August | $42,815 | $44,345.67 | $52,045 | 2058.6% |
| September | $44,091.25 | $45,662 | $53,471 | 2117.8% |
| October | $45,367.50 | $46,978.33 | $54,897 | 2176.9% |
| November | $46,643.75 | $48,294.67 | $56,323 | 2236.1% |
| December | $47,920 | $49,611 | $57,749 | 2295.2% |
| All Time | $40,900.63 | $42,371.17 | $49,906 | 1969.9% |
| January | $49,768.50 | $51,484 | $59,820.33 | 2381.1% |
| February | $51,617 | $53,357 | $61,891.67 | 2467.1% |
| March | $53,465.50 | $55,230 | $63,963 | 2553% |
| April | $55,314 | $57,103 | $66,034.33 | 2638.9% |
| May | $57,162.50 | $58,976 | $68,105.67 | 2724.8% |
| June | $59,011 | $60,849 | $70,177 | 2810.7% |
| July | $60,859.50 | $62,722 | $72,248.33 | 2896.6% |
| August | $62,708 | $64,595 | $74,319.67 | 2982.5% |
| September | $64,556.50 | $66,468 | $76,391 | 3068.4% |
| October | $66,405 | $68,341 | $78,462.33 | 3154.3% |
| November | $68,253.50 | $70,214 | $80,533.67 | 3240.3% |
| December | $70,102 | $72,087 | $82,605 | 3326.2% |
| All Time | $59,935.25 | $61,785.50 | $71,212.67 | 2853.7% |
| January | $72,550.17 | $75,090.58 | $85,513 | 3446.8% |
| February | $74,998.33 | $78,094.17 | $88,421 | 3567.4% |
| March | $77,446.50 | $81,097.75 | $91,329 | 3688% |
| April | $79,894.67 | $84,101.33 | $94,237 | 3808.6% |
| May | $82,342.83 | $87,104.92 | $97,145 | 3929.2% |
| June | $84,791 | $90,108.50 | $100,053 | 4049.9% |
| July | $87,239.17 | $93,112.08 | $102,961 | 4170.5% |
| August | $89,687.33 | $96,115.67 | $105,869 | 4291.1% |
| September | $92,135.50 | $99,119.25 | $108,777 | 4411.7% |
| October | $94,583.67 | $102,122.83 | $111,685 | 4532.3% |
| November | $97,031.83 | $105,126.42 | $114,593 | 4652.9% |
| December | $99,480 | $108,130 | $117,501 | 4773.5% |
| All Time | $86,015.08 | $91,610.29 | $101,507 | 4110.2% |
| January | $102,603.75 | $110,953.42 | $120,084.17 | 4880.7% |
| February | $105,727.50 | $113,776.83 | $122,667.33 | 4987.8% |
| March | $108,851.25 | $116,600.25 | $125,250.50 | 5095% |
| April | $111,975 | $119,423.67 | $127,833.67 | 5202.1% |
| May | $115,098.75 | $122,247.08 | $130,416.83 | 5309.2% |
| June | $118,222.50 | $125,070.50 | $133,000 | 5416.4% |
| July | $121,346.25 | $127,893.92 | $135,583.17 | 5523.5% |
| August | $124,470 | $130,717.33 | $138,166.33 | 5630.7% |
| September | $127,593.75 | $133,540.75 | $140,749.50 | 5737.8% |
| October | $130,717.50 | $136,364.17 | $143,332.67 | 5844.9% |
| November | $133,841.25 | $139,187.58 | $145,915.83 | 5952.1% |
| December | $136,965 | $142,011 | $148,499 | 6059.2% |
| All Time | $119,784.38 | $126,482.21 | $134,291.58 | 5470% |
Between 2023 and 2050, Ethereum price forecast hints at a parabolic expansion. The average price of ETH in 2050 could be in the six-digit territory, roughly $126,482.21. Investors need to keep in mind that this forecast hints at Ether hitting a peak of $134K in 2050.
Here Are Four Reasons Why Ethereum Price is Struggling to Perform
- Attracting high networth investors has been a failure despite the spot ETH ETF approval and can be attributed to Ethereum’s lack of catchy narrative.
- Unlike ETH, Bitcoin ETF has been easy to sell to institutions due to its digital gold narrative. As a reuslt, BTC has siphoned liquidity away from ETH.
- Solana, well-known as “Ethereum-killer,” has managed to onboard more retail than Ethereum ever did due to the ease of access, low transaction fees and easy on-ramping possibilities.
- Solana’s popularity combined with the meme coin mania has left Ethereum in the dust, which is another reason why ETH price is down.
Regardless, the Ethereum’s market value could see a strong bounce if the spot ETH ETF notes inflows after US elections concludes on November 5. As of October 23, this metric continues to show massive outflows.
Spot Ethereum ETFs Have Zero Influence on ETH
The cumulative Ethereum ETF flows have been negative, showing that there are more outflows than inflows. The primary reason for this is Grayscale’s outflow, but a part of it could be the lack of allure ETH brings to traditional investors.
As of Wednesday, the cumulative total net inflow stands at $288 million, a slight improvement from yesterday’s -$500.79 million. On October 22, the spot Ethereum ETFs saw an inflow of $11.94 million ETH.
Source: https://coingape.com/markets/ethereum-eth-price-today-23-october-2024/