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ETH Price Prediction: Bulls May Struggle to Reach $2,500

It is worth noting that a significant portion of those staking ETH 2.0 bought their coins at an average price of $2,390. If they choose to split their 32 ETH and move some to a liquidity staking protocol after breaking even, ETH may struggle to achieve a $2,500 increase, even with strong upward momentum.

IntoTheBlock's Global In/Out of the Money Price data further supports this forecast. As seen below, 7.3 million investors are currently holding 33.55 million ETH purchased at an average price of $2,365. If the analysis above is correct, then the price surge of ETH could significantly slow down as it approaches the $2,500 mark. Worse still, they could trigger a downward trend to $1,970.

Conversely, if the bulls can change the narrative once ETH surpasses the $3,000 mark. However, as seen above, 9.2 million investors bought 3.88 million Ethereum at an average price of $3,075, which could hinder the upward momentum. But if that resistance level is broken, ETH could rise to a new all-time high of around $5,000.