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The ETH price dropped 4% in the past 24 hours to trade at $2,404 as of 4:00 a.m. EST, with trading volume skyrocketing 135% to $30.6 billion.

The Ethereum price dropped 4% in the past 24 hours to trade at $2,404 by 4:00 a.m. ET on Friday, with trading volume skyrocketing 135% to $30.6 billion.

The fall in the ETH price comes as Arthur Hayes, a co-founder of the BitMEX exchange, has a positive outlook on Ethereum’s future even though many investors hate it and claim the project isn’t doing anything.

In support of ETH, Hayes says it has the most total value locked (TVL) and also has the most developers, giving it room for a comeback. Additionally, Ethereum is still the most secure proof-of-stake blockchain.

“I’m a fan of ETH over SOL in the next 18-24 months due to the fundamental strengths and total ecosystem depth. People who think SOL is going to outperform… good luck with that one. It’s going to be a slaughter,” he continues.

However, despite his bullish stance on ETH, Hayes doesn’t see the altseason kicking off until the Bitcoin price breaks through the $110,000 level.

“I’m not a fan of altcoins. They’re all going to get destroyed. I think we need to see BTC through $110K to get some serious gas in the burner.

“I’m looking at $150,000–$200,000 to get some real heat. I’m not interested in anything sub-0.5 BTC. Anything less than that, I don't want to own. I want to own large quantities of BTC and small quantities of ‘shitcoins’ in that vernacular.”

Ethereum Price Prediction

The ETH price, after hitting levels over $4,000 in December 2024, went on to retrace within a well-defined falling channel pattern. However, after finding support around $1,450 in April, the Ethereum price formed a rounded bottom pattern, which indicates a bullish trend reversal, according to GeckoTerminal data.

ETH has, however, invalidated the bullish outlook of the rounded bottom pattern after facing rejection at the $2,700 level, and is now trending downwards.

As a result of the continued downtrend, the price of ETH is now trading below the 200-day Simple Moving Average, which is currently acting as the immediate resistance zone. However, ETH is still trading above the 50-day SMA, which is still somewhat bullish.

Meanwhile, the Relative Strength Index (RSI) seems to be on a correction from the 70-overbought zone, currently at 61, coinciding with the current trend.

However, the blue Moving Average Convergence Divergence (MACD) shows a bullish crossover, with the blue MACD line crossing above the orange signal line.

The green bars on the histogram are dropping, which suggests the positive momentum could be cooling off. This might cause the price of ETH to correct in the short term.

ETH Could Retrace Back To The $1,900 Level

According to the ETH/USDT chart analysis on the daily timeframe, the Ethereum price could be on the verge of a bearish trend continuation. If the bearish trend picks up momentum, the next support zone could be around $1,900, acting as a cushion against downward pressure.

That level could offer ETH a base to eventually push the price back to the $2,700 resistance, which could help in pushing the asset to the $3,500 level in the long term.