Ethereum Price News: ETH Consolidates In Tight Range – Is $10K Possible?

Ethereum (ETH) has made a surprising comeback this year, swinging from the worst-performing token of the top 5 to making a new all-time high in a relatively short period.

This cycle has already pushed ETH to a new record of $4,953 and trading volumes have been quite high lately despite the token’s latest retreat.

In the past 30 days, ETH has booked a 4% as the market took a breather after closing in on the $5,000 psychological threshold. However, volumes in the past 24 hours have accelerated to $39 billion and currently account for more than 7% of the token’s circulating market cap.

Pectra Changed Things for Ethereum

The successful implementation of the Pectra upgrade has been decisive in propelling the price of ETH as it strengthened the network’s operational framework by enabling a higher degree of scalability, lower gas fees, and more.

This made Ethereum much more competitive and responded to the growing threat of other smart contract platforms like BNB Chain, Solana, and even Sui.

We have seen an improvement in several on-chain metrics that favor a bullish Ethereum price prediction.

The first to mention is stablecoin reserves within Ethereum as this metric has accumulated a 37.5% jump since the year started and currently sits at $154 billion, indicating that the blockchain’s DeFi ecosystem has kept attracting more money and users throughout the year.

Ethereum’s Average Transaction Fees (Daily) – Source: Etherescan

Moreover, daily average transaction fees have been confined within a tight range since February 2025 as Ethereum’s upgrades started to impact the network’s gas fees. The highest level that this metric has reached in the past 6 months or so was $2.87 compared to previous records of $10 and even $12 at the beginning of the year.

Considering that ETH has hit a new all-time high and demand has been quite high for the token and network activity has spiked, this is a positive indication that the Ethereum blockchain is managing to overcome the scalability issues that crippled its growth in the past.

Meanwhile, on the macroeconomic front, analysts surveyed by FedWatch believe that the Federal Reserve will make two consecutive rate cuts, the first during next week’s FOMC meeting and the second in October.

Rate cuts favor a bullish outlook for cryptos as investors will be inclined to rotate their capital to assets that offer higher yields. The beginning of altcoin season confirms this view and it has been marked by top tokens in this category like ETH and BNB Coin making new all-time highs.

Weekly Chart Favors Upcoming Push to $10K

The weekly chart shows that ETH dropped right after reaching a new price record and could result in a pullback to $4,000. This would give late buyers the best entry price as the token prepares for its next leg up.

ETH/USD Weekly Chart (Coinbase) – Source: TradingView

That support level is in confluence with both a former resistance and a trend line support that should act as a launch pad for ETH in the near term. This pullback is not necessarily a sure thing but, as the Relative Strength Index (RSI) has surged to overbought territory already in this high time frame, the odds of a downward move are high.

Meanwhile, if we get a bullish breakout above $5,000 this could push ETH to uncharted territory. Is a move to $10,000 possible? Market conditions are extremely favorable. The industry counts on the White House’s full support, interest rates will be progressively lowered as long as inflation stays under control, and the past rally already delivered gains of 275% for ETH.

Hence, a big jump toward $10,000 for ETH is not off the table within the next 12 months.