Ethereum Price Today: ETH is Down 2%, Trades at $2,653

As Monday's selling pressure weakens, Ethereum price today has seen a strong comeback as it trades around $2,653. What's next for ETH?
By Akash Girimath
October 22, 2024 | Updated October 22, 2024
Why Ethereum Price is Up 0.87% Today as ETH Trades At $3088?

Highlights

  • Ethereum's price currently trades at $2,653 after a 2.0% drop, recovering slightly in the Asian session.
  • Ethereum's year-to-date returns trail behind Bitcoin (+52%), Solana (+51%), and SUI (+135%), at +15%.
  • A potential Bitcoin breakout could propel Ethereum to significant price gains, despite its current cautious market outlook.

The current price of Ethereum (ETH) today is $2,624.4 as of 11 PM. Ether prices hit a daily high of $2,668.6 today after sliding -1.61% on November 6.

Why is Ethereum Price Down Today?

Ethereum price dropped 2.0% but currently trades at $2,653 on October 22, 2024. On Monday, Bitcoin’s sudden crash took Ether and the rest of the crypto markets down with it. Although the ETH price recovered in the early Asian session, investors must remain cautious of a potential trend continuation in the New York trading session.

Ethereum Price Performance Chart

*Ethereum price updated as of 11 PM.

Ethereum has been a popular altcoin due to its smart contract technology. The first-mover advantage it has since its launch in 2015 is not enough, as ETH continues to disappoint investors due to its lackluster performance. However, the Ethereum blockchain remains at the forefront of smart contract technology due to the major network upgrades that it receives regularly.

Ethereum’s Price History

The year-to-date (YTD) performance of ETH has dropped to 13% after nearing 20% just a few days ago. Regardless of Ethereum’s lackluster performance and volatility, the market capitalization of ETH stands at $316.0 billion, making it the second-largest cryptocurrency.

Ethereum: The Second-Largest Cryptocurrency

Clubbing Ethereum’s $316.0 billion market cap with Bitcoin’s (BTC) $1.15 trillion constitutes nearly 70% of the total crypto market capitalization. This duo captured an even bigger share as ETH’s market cap at an all-time high (ATH) was $571 billion, as seen on November 9, 2021.

Although Ethereum’s market cap has been slashed in half since its ATH, it overshadows other popular cryptos like Solana (SOL) and Ripple (XRP), whose market capitalization hovers around $78 billion and $30 billion.

Ethereum’s Trading Volume

Despite the recent drop in Ethereum’s popularity, the 24-hour trading volume of Ethereum is $16.2 billion. Binance, one of the largest cryptocurrency exchanges, contributes about 11% to this metric, followed by exchanges like OKX, Bitget, etc. Popular cryptocurrencies like SOL, XRP, and BNB have at least seven times lower trading volume than ETH.

Ethereum Blockchain Upgrade to PoS

While ETH has received plenty of network updates, the London hard fork is the one that stands out since it converted the blockchain from Proof-of-Work (PoW) to Proof-of-Stake (PoS). While many criticized it due to its impact on miners, it has made the network visibly faster and less expensive to transact. Regardless, many are still not satisfied with the shift to PoS. Vitalik Buterin, the co-founder of Ethereum, recently replied to one such person on X (formerly Twitter) on how PoS is more decentralized than PoW.

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”): Enhanced network scalability and security.

2023

  • Shanghai-Capella (“Shapella”): Enabled unstaking of ETH and improved validator withdrawals.

2022

  • Paris (The Merge): Transitioned Ethereum from Proof-of-Work to Proof-of-Stake.
  • Bellatrix: Prepared the Beacon Chain for The Merge.
  • Gray Glacier: Delayed the Difficulty Bomb to facilitate The Merge.

2021

  • Arrow Glacier: Delayed the Difficulty Bomb to prevent network congestion.
  • Altair: Introduced light client support and improved validator incentives.
  • London: Reformed gas pricing and introduced burning mechanism.
  • Berlin: Enhanced gas efficiency and security.

2020

  • Beacon Chain genesis: Launched Ethereum’s Proof-of-Stake transition.
  • Staking deposit contract deployed: Enabled ETH staking.
  • Muir Glacier: Delayed the Difficulty Bomb to maintain network stability.

Ethereum Gas Price Influence

Ethereum’s blockchain upgrades aim to solve the trilemma of balancing decentralization, security, and scalability. The switch to Proof-of-Stake (PoS) has successfully boosted these aspects. As a result, gas fees have plummeted, attracting more investors. Currently, the Ethereum transaction gas fee stands at 8.16 Gwei. Think of Gwei as a small tax for secure transactions on the Ethereum network. When Ethereum’s on-chain value surges, presenting lucrative opportunities, gas fees may rise as investors flock in, especially during bull runs when prices reach new heights.

Ethereum Price Prediction & 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 ‘November 6, here are some popular cryptocurrencies’ price-performance comparisons. The one-month performance shows Ether is up 6.37%, while year-to-date returns show ETH at 4,405.20%

3-month returns:

  • SUI +134%
  • APE +73%
  • AAVE +56%

YTD returns:

  • BTC +52%
  • SOL +51%
  • SUI +135%
  • ETH +15%

Although Ethereum price today trades at $2,653, investors can expect a shocking performance if Bitcoin ends its seven-month consolidation and heads for an all-time high.

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Ethereum Price For Next 7 Days

Date Price Change
November 06, 20253288.91-1.46%
November 07, 20253326.04-0.35%
November 08, 20253395.011.72%
November 09, 20253534.425.89%
November 10, 20253629.928.76%
November 11, 20253698.7910.82%
November 12, 20253607.038.07%
November 13, 20253536.495.96%
November 14, 20253566.146.85%
November 15, 20253660.649.68%
November 16, 20253806.7614.05%
November 17, 20253876.4916.14%
November 18, 20253930.3017.76%
November 19, 20253964.5018.78%
November 20, 20253960.3918.66%
November 21, 20253916.5417.34%
November 22, 20253878.7816.21%
November 23, 20253832.7114.83%
November 24, 20253709.8711.15%
November 25, 20253580.377.27%
November 26, 20253441.863.12%
November 27, 20253431.022.8%
November 28, 20253463.273.76%
November 29, 20253441.883.12%
November 30, 20253433.942.88%
December 01, 20253450.023.37%
December 02, 20253488.144.51%
December 03, 20253537.125.98%
December 04, 20253614.688.3%
December 05, 20253675.3010.12%

Based on the Ethereum price prediction, investors can expect a 3.25% correction from ETH in the next month. This outlook suggests Ether price could trade at around $2,612 on October 29, 2024.

Ethereum Prices Outlook Between 2025 and 2029

2025
2026
2027
2028
2029
Month Minimum Price Average Price Maximum Price Potential ROI
January $3,619.65 $3,991.39 $3,805.52 13.5%
February $3,539.58 $4,018.29 $3,778.93 12.7%
March $3,459.50 $4,045.18 $3,752.34 11.9%
April $3,379.43 $4,072.08 $3,725.75 11.1%
May $3,299.36 $4,098.97 $3,699.16 10.3%
June $3,219.29 $4,125.87 $3,672.58 9.5%
July $3,139.21 $4,152.76 $3,645.99 8.7%
August $3,059.14 $4,179.65 $3,619.40 7.9%
September $2,979.07 $4,206.55 $3,592.81 7.2%
October $2,899 $4,233.44 $3,566.22 6.4%
November $2,818.92 $4,260.34 $3,539.63 5.6%
December $2,738.85 $4,287.23 $3,513.04 4.8%
All Time $3,179.25 $4,139.31 $3,659.28 9.1%
Month Minimum Price Average Price Maximum Price Potential ROI
January $3,265.45 $4,707.21 $4,196.12 25.1%
February $3,792.04 $5,127.19 $4,879.20 45.5%
March $4,318.64 $5,547.17 $5,562.28 65.9%
April $4,845.23 $5,967.15 $6,245.36 86.3%
May $5,371.83 $6,387.13 $6,928.44 106.6%
June $5,898.43 $6,807.12 $7,611.52 127%
July $6,425.02 $7,227.10 $8,294.60 147.4%
August $6,951.62 $7,647.08 $8,977.68 167.8%
September $7,478.21 $8,067.06 $9,660.76 188.1%
October $8,004.81 $8,487.04 $10,343.84 208.5%
November $8,531.40 $8,907.02 $11,026.92 228.9%
December $9,058 $9,327 $11,710 249.2%
All Time $6,161.72 $7,017.11 $7,953.06 137.2%
Month Minimum Price Average Price Maximum Price Potential ROI
January $9,393.58 $9,679.08 $12,045.17 259.2%
February $9,729.17 $10,031.17 $12,380.33 269.2%
March $10,064.75 $10,383.25 $12,715.50 279.2%
April $10,400.33 $10,735.33 $13,050.67 289.2%
May $10,735.92 $11,087.42 $13,385.83 299.2%
June $11,071.50 $11,439.50 $13,721 309.2%
July $11,407.08 $11,791.58 $14,056.17 319.2%
August $11,742.67 $12,143.67 $14,391.33 329.2%
September $12,078.25 $12,495.75 $14,726.50 339.2%
October $12,413.83 $12,847.83 $15,061.67 349.2%
November $12,749.42 $13,199.92 $15,396.83 359.2%
December $13,085 $13,552 $15,732 369.2%
All Time $11,239.29 $11,615.54 $13,888.58 314.2%
Month Minimum Price Average Price Maximum Price Potential ROI
January $13,563.08 $14,047.67 $16,309.92 386.4%
February $14,041.17 $14,543.33 $16,887.83 403.7%
March $14,519.25 $15,039 $17,465.75 420.9%
April $14,997.33 $15,534.67 $18,043.67 438.1%
May $15,475.42 $16,030.33 $18,621.58 455.4%
June $15,953.50 $16,526 $19,199.50 472.6%
July $16,431.58 $17,021.67 $19,777.42 489.8%
August $16,909.67 $17,517.33 $20,355.33 507.1%
September $17,387.75 $18,013 $20,933.25 524.3%
October $17,865.83 $18,508.67 $21,511.17 541.5%
November $18,343.92 $19,004.33 $22,089.08 558.8%
December $18,822 $19,500 $22,667 576%
All Time $16,192.54 $16,773.83 $19,488.46 481.2%
Month Minimum Price Average Price Maximum Price Potential ROI
January $19,526.50 $20,213 $23,522.92 601.5%
February $20,231 $20,926 $24,378.83 627.1%
March $20,935.50 $21,639 $25,234.75 652.6%
April $21,640 $22,352 $26,090.67 678.1%
May $22,344.50 $23,065 $26,946.58 703.7%
June $23,049 $23,778 $27,802.50 729.2%
July $23,753.50 $24,491 $28,658.42 754.7%
August $24,458 $25,204 $29,514.33 780.2%
September $25,162.50 $25,917 $30,370.25 805.8%
October $25,867 $26,630 $31,226.17 831.3%
November $26,571.50 $27,343 $32,082.08 856.8%
December $27,276 $28,056 $32,938 882.3%
All Time $23,401.25 $24,134.50 $28,230.46 741.9%

If BTC ends its slump and hits six-digit territory, Ethereum will likely kickstart an explosive rally higher between 2025  and 2030. Based on Coingape’s Ethereum price prediction, Ether prices could hover between $2,500 and $2,700.

In 2025, the smart contract token could exchange hands between $2,500 and $3,300, with a potential ROI of 76%. The bullish outlook is a common denominator between 2024 and 2030, and investors can expect ETH price to surpass the current ATH of $4,864 and set up a new one, $22,900, in 2030.

Ethereum Price Outlook between 2030 and 2050

2030
2031
2032
2033
2040
2050
Month Minimum Price Average Price Maximum Price Potential ROI
January $28,417.17 $29,249.08 $34,130.33 917.9%
February $29,558.33 $30,442.17 $35,322.67 953.5%
March $30,699.50 $31,635.25 $36,515 989%
April $31,840.67 $32,828.33 $37,707.33 1024.6%
May $32,981.83 $34,021.42 $38,899.67 1060.1%
June $34,123 $35,214.50 $40,092 1095.7%
July $35,264.17 $36,407.58 $41,284.33 1131.3%
August $36,405.33 $37,600.67 $42,476.67 1166.8%
September $37,546.50 $38,793.75 $43,669 1202.4%
October $38,687.67 $39,986.83 $44,861.33 1237.9%
November $39,828.83 $41,179.92 $46,053.67 1273.5%
December $40,970 $42,373 $47,246 1309.1%
All Time $34,693.58 $35,811.04 $40,688.17 1113.5%
Month Minimum Price Average Price Maximum Price Potential ROI
January $42,748 $44,175.33 $49,253.67 1368.9%
February $44,526 $45,977.67 $51,261.33 1428.8%
March $46,304 $47,780 $53,269 1488.7%
April $48,082 $49,582.33 $55,276.67 1548.6%
May $49,860 $51,384.67 $57,284.33 1608.5%
June $51,638 $53,187 $59,292 1668.3%
July $53,416 $54,989.33 $61,299.67 1728.2%
August $55,194 $56,791.67 $63,307.33 1788.1%
September $56,972 $58,594 $65,315 1848%
October $58,750 $60,396.33 $67,322.67 1907.8%
November $60,528 $62,198.67 $69,330.33 1967.7%
December $62,306 $64,001 $71,338 2027.6%
All Time $52,527 $54,088.17 $60,295.83 1698.3%
Month Minimum Price Average Price Maximum Price Potential ROI
January $64,523 $66,343.42 $74,533 2122.9%
February $66,740 $68,685.83 $77,728 2218.2%
March $68,957 $71,028.25 $80,923 2313.5%
April $71,174 $73,370.67 $84,118 2408.7%
May $73,391 $75,713.08 $87,313 2504%
June $75,608 $78,055.50 $90,508 2599.3%
July $77,825 $80,397.92 $93,703 2694.6%
August $80,042 $82,740.33 $96,898 2789.9%
September $82,259 $85,082.75 $100,093 2885.2%
October $84,476 $87,425.17 $103,288 2980.5%
November $86,693 $89,767.58 $106,483 3075.8%
December $88,910 $92,110 $109,678 3171%
All Time $76,716.50 $79,226.71 $92,105.50 2647%
Month Minimum Price Average Price Maximum Price Potential ROI
January $92,565.75 $95,806.17 $113,497.58 3285%
February $96,221.50 $99,502.33 $117,317.17 3398.9%
March $99,877.25 $103,198.50 $121,136.75 3512.8%
April $103,533 $106,894.67 $124,956.33 3626.7%
May $107,188.75 $110,590.83 $128,775.92 3740.6%
June $110,844.50 $114,287 $132,595.50 3854.5%
July $114,500.25 $117,983.17 $136,415.08 3968.4%
August $118,156 $121,679.33 $140,234.67 4082.4%
September $121,811.75 $125,375.50 $144,054.25 4196.3%
October $125,467.50 $129,071.67 $147,873.83 4310.2%
November $129,123.25 $132,767.83 $151,693.42 4424.1%
December $132,779 $136,464 $155,513 4538%
All Time $112,672.38 $116,135.08 $134,505.29 3911.5%
Month Minimum Price Average Price Maximum Price Potential ROI
January $138,430.92 $142,604.83 $161,658.50 4721.3%
February $144,082.83 $148,745.67 $167,804 4904.6%
March $149,734.75 $154,886.50 $173,949.50 5087.9%
April $155,386.67 $161,027.33 $180,095 5271.2%
May $161,038.58 $167,168.17 $186,240.50 5454.4%
June $166,690.50 $173,309 $192,386 5637.7%
July $172,342.42 $179,449.83 $198,531.50 5821%
August $177,994.33 $185,590.67 $204,677 6004.3%
September $183,646.25 $191,731.50 $210,822.50 6187.6%
October $189,298.17 $197,872.33 $216,968 6370.9%
November $194,950.08 $204,013.17 $223,113.50 6554.1%
December $200,602 $210,154 $229,259 6737.4%
All Time $169,516.46 $176,379.42 $195,458.75 5729.4%
Month Minimum Price Average Price Maximum Price Potential ROI
January $204,695.92 $214,134.25 $233,011.75 6849.4%
February $208,789.83 $218,114.50 $236,764.50 6961.3%
March $212,883.75 $222,094.75 $240,517.25 7073.2%
April $216,977.67 $226,075 $244,270 7185.1%
May $221,071.58 $230,055.25 $248,022.75 7297%
June $225,165.50 $234,035.50 $251,775.50 7409%
July $229,259.42 $238,015.75 $255,528.25 7520.9%
August $233,353.33 $241,996 $259,281 7632.8%
September $237,447.25 $245,976.25 $263,033.75 7744.7%
October $241,541.17 $249,956.50 $266,786.50 7856.7%
November $245,635.08 $253,936.75 $270,539.25 7968.6%
December $249,729 $257,917 $274,292 8080.5%
All Time $227,212.46 $236,025.63 $253,651.88 7464.9%

Between 2023 and 2050, Ethereum price forecast hints at a massive expansion. The average price of ETH in 2050 could be in the six-digit territory, roughly $126,482.21. Investors must note that this forecast is highly speculative and bound to change. However, the peak for ETH in 2050 is $134,291.58, and the lowest point is $119,784.38.

Ethereum price performance vs. bitcoin price performance

Bitcoin has maintained a strong lead against ETH with a year-to-date return of 52%, while Ethereum price sits at 13%.

BTC vs ETH Price YTD Performance
BTC vs ETH Price YTD Performance

Ethereum Price’s Uninspiring Performance Has 4 Key Reasons

  • Despite the launch of ETH ETFs, attracting institutional investors has been a failure due to the lack of narrative surrounding Ethereum as opposed to Bitcoin’s digital gold narrative.
  • Bitcoin ETF has attracted liquidity, leaving ETH, an inferior asset compared to BTC, in a dry spell.
  • While BTC ETF siphoned institutional liquidity, Solana grabbed the retail investor liquidity due to the ease of access and low transaction fees. SOL, termed ETH-killer, seems to be doing its job, which also explains Ethereum price’s lackluster performance.
  • Lastly, the meme coin mania on the Solana blockchain made many retail investors millionaires, which is another reason why ETH price is down.

Regardless, The price of Ethereum could see a comeback if the ETH ETF flows start to pick up after the US Election results in the first week of November. So far, this metric has flashed negative and shows no signs of improvement as of October 21.

Ethereum ETFs Little Impact

Since its launch, the cumulative Ethereum ETF flows have been negative and shows no signs of improvement. This metric could continue to be uninspiring until the second week of November.

With Ethereum spot ETFs, the cumulative total net inflow has slid lower to -$500.79 million on October 22, as compared to Friday’s -$479.99 million. Monday saw a net outflow of $20 million.

Spot Ethereum ETF
Spot Ethereum ETF

Frequently Asked Questions (FAQs)

1. Why is Ethereum's price down today?

Ethereum price today dropped 2.0% due to Bitcoin's sudden crash, but has recovered and trades around $2,653.

2. What is Ethereum's current price-performance compared to other cryptocurrencies?

Ethereum's one-month performance is up 6.37%, and year-to-date returns show a 15% increase compared to Bitcoin's 52% YTD return and 6% one-month return.

3. How might Bitcoin's price movement impact Ethereum's performance?

If Bitcoin breaks its seven-month consolidation and reaches an all-time high, Ethereum may experience a significant price surge.
Akash Girimath
Senior Cryptocurrency Analyst & Market Strategist Engineer-turned-analyst Akash Girimath delivers data-driven insights on cryptocurrency markets, DeFi, and blockchain technology for platforms like AMBCrypto and FXStreet. Specializing in technical analysis, on-chain analytics, and risk management, he empowers institutional investors and retail traders to navigate market volatility and regulatory shifts. A hands-on strategist, Akash merges active crypto portfolio management with research on Web3, NFTs, and tokenomics. At AMBCrypto, he led cross-functional teams to redesign content frameworks, achieving record-breaking traffic growth through scalable editorial strategies. His analyses dissect market sentiment, investment strategies, and price predictions, blending macroeconomic trends with real-world trading expertise. Known for mentoring analysts and optimizing workflows for high-impact reporting, Akash’s work is cited across global crypto publications, reaching 500k+ monthly readers. Follow his insights on YouTube, X, and LinkedIn for cutting-edge perspectives on decentralized ecosystems and crypto innovation.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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