Ethereum Price: What’s Happening With ETH Price Today: May 13, 2024?

With the continuous bearish trends, Ethereum price has been declining for a month now. Know the status of Ethereum's price performance today.
By Pooja Khardia
Updated: 03 Sep, 2025 | 11:44:23 AM GMT
Why Ethereum Price is Up 0.87% Today as ETH Trades At $3088?

Ethereum price has gone through a rollercoaster in the last few weeks as the price has witnessed multiple ups and downs. The second biggest cryptocurrency, Ethereum (ETH), has declined more than 11% in a month, 9.31% in a week, and almost 2% drop in the last 24 hours. So, what’s happening with the Ethereum price? Will there be recovery anytime soon? Let us discuss that in this blog.

Advertisement
Advertisement

Ethereum (ETH) Price Analysis

Ethereum price has declined continuously in the last few days following the crypto market decline. At the time of writing, ETH is trading at $2,892.53, the lowest value in two months. However, the trading volume has witnessed a 35% upsurge, pushing the value to $8,291,166,546.

It is because of the current whale interaction on the network which has interfered with the Ethereum holder’s sentiments. As per the Spot On Chain data, a single whale has deposited 4,153 ETH worth $12.2 million ETH tokens on the Coinbase exchange. As a result, Ethereum is in a selling zone where its MACD and exponential moving averages indicate selling pressure on the token.

Will Ethereum Price Recover Anytime Soon?

As the overall market is down, Bitcoin price has also slipped to $60K from $63K. Seeing a momentary price drop in Ethereum isn’t big. However, a few analysts have spoken of the possibility of ETH prices dropping to the low of $2500.

Benjamin Cowen, a crypto analyst, has been monitoring the ETH price against the BTC and has continuously spoken of Ethereum being bearish for a long now. He believes Ethereum might go down and settle around the April 2021 level of $2500

Also Read: Top Celebrities Who Don’t Support Crypto Market

ETH price has already crossed the key resistance line of $2,910 and is continuing a bearish trend. The next support is at the $2,865 level, and if Ethereum’s price moves down the line, Ethereum might decline to an even lower value of $2,650.

In contrast, if Ethereum surged to the upper support level of $2,950, the price may go as high as $3,250 in the upcoming days.

Advertisement
Advertisement

Final Thoughts

Ethereum holders’ sentiments are also affected by the upcoming SEC announcement on the Ethereum Spot ETF proposals. After multiple delays, the result will be out by the month’s end, but the possibility of approval keeps declining each day, impacting the Ethereum price. A market reversal with positive results from the SEC is the biggest hope for ETH holders to see the token surge to anywhere near the ATH target of $4,891.70.

Read More Top Crypto Assets Defying Bearish Market Outlook

Advertisement
Pooja Khardia
Pooja Khardia is a seasoned crypto content writer with 6+ years of experience in writing, including in blockchain, cryptocurrency, DeFi, and digital finance reporting. In her adventure journey, she is currently working with CoinGape Media and leading their Trending Section. Here, she uses her expertise to deliver analytics, market insights, price predictions, and information on what’s trending in the crypto space, aiming to keep the crypto and web3 community updated with market trends and important insights. Known for a user-centric and straightforward writing style, Pooja is passionate about making crypto easy and accessible. Her writing blends market research with storytelling, helping readers stay ahead in a fast-paced industry. When not behind the keyboard, Pooja embraces her creative side through drawing and crafting. Connect with Pooja on LinkedIn or X.
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.