Ethereum Price Prediction: ETH Holds $2,359 Steady Amid Bitcoin Rally to $80K

Ethereum Price Prediction

Ethereum (ETH) trades at $2,358.62 as of October 10, 2024, up 1.9% per CoinGecko data. Its market cap hits $284.7 billion. Bitcoin surges 2.2% to $80,157 with a $1.605 trillion cap.

The Fear & Greed Index stands at neutral 50, per Alternative.me. This balanced sentiment tempers volatility. Stablecoins like USDT peg at $1.00 with a $189.5 billion cap, per CoinGecko.

Current Market Snapshot

Ethereum tracks Bitcoin but lags slightly. Top assets as of October 10, 2024, per CoinGecko:

• Asset: BTC · Price (USD): 80,157 · 24h Change: +2.2% · Market Cap (B USD): 1,605
• Asset: ETH · Price (USD): 2,358.62 · 24h Change: +1.9% · Market Cap (B USD): 284.7
• Asset: USDT · Price (USD): 1.00 · 24h Change: 0.0% · Market Cap (B USD): 189.5
• Asset: XRP · Price (USD): 1.40 · 24h Change: +0.7% · Market Cap (B USD): 86.3
• Asset: BNB · Price (USD): 624.90 · 24h Change: +1.3% · Market Cap (B USD): 84.2

Solana rises 0.7% to $84.30. Dogecoin gains 1.4% to $0.11. Liquidity inflows drive this uptick.

Ethereum's proof-of-stake network processes 1.1 million daily transactions, per Etherscan. Staking yields draw holders. Net ETF inflows total $2.5 billion since July 2024, per ETF Analytics.

Factors Stabilizing ETH Around $2,359

ETH tests resistance near 2022 post-Merge highs. Its all-time peak hit $4,878 in November 2021, per CoinMarketCap historical data.

Bitcoin dominance holds at 55%, per TradingView. This caps altcoin gains. The ETH/BTC ratio stays below 0.03.

Layer-2 solutions like Optimism and Arbitrum handle 80% of DeFi volume, per L2Beat. They ease mainnet congestion.

Ethereum's supply reaches 120.3 million ETH, with 30% staked (36 million ETH), per Glassnode Studio metrics. BlackRock's ETH ETF averages $1 billion daily volume, per Bloomberg.

Bitcoin Rally Drives ETH Momentum

Bitcoin's push to $80,157 lifts ETH. A BTC break above $85,000 could send ETH to $2,600.

The BTC-ETH correlation exceeds 0.9, per Glassnode on-chain data. Shared ETF demand fuels gains. USDC caps at $77.8 billion, per CoinGecko.

Glassnode notes rising active addresses. Low exchange inflows signal holder conviction.

Ethereum claims 55% of $92 billion DeFi TVL, per DeFiLlama. BNB climbs 1.3% to $624.90 on Binance growth.

Bull Case: Path to $2,800

ETH breaks $2,400 if Bitcoin holds above $80,000. Analysts target $2,800 next.

Federal Reserve rate cuts boost risk assets. The Dencun upgrade slashed Layer-2 fees by 90%, per Ethereum Foundation reports.

Restaking protocols like EigenLayer lock $15 billion, per DeFiLlama. Fear & Greed above 60 sparks rallies. Institutions hold 20% of ETH supply, per Arkham Intelligence.

ETH ETFs since July 2024 echo Bitcoin's 2021 surge, which drove ETH up 400%. On-chain metrics confirm upside potential.

Bear Case: Supports at $2,200 and Below

ETH falls to $2,200 if Bitcoin drops to $75,000. Deeper pullback hits $1,800.

Neutral sentiment spurs profit-taking. High perpetual funding rates signal overheat, per Coinglass.

EU MiCA rules launch January 2026. A USDT depeg below $0.99 triggers altcoin sales.

Bitcoin's April 2024 halving effects wane. Rising exchange inflows warn of sells.

Key Catalysts Shaping Ethereum Price Prediction

The Pectra upgrade enhances scaling post-Dencun. Lower US Treasury yields push capital to crypto.

Bitcoin halving sustains supply scarcity. EVM compatibility attracts developers.

CoinMarketCap data pegs $2,359 as a multi-month base. Ethereum price prediction favors bulls above $2,400, with neutral sentiment stabilizing amid Bitcoin's rally.