Ethereum Price Prediction: ETH On Track to Hit $2,200 as U.S.-Iran Negotiations Resume

Ethereum (ETH) continues to lead the scoreboard with a 23% gain in the past 30 days, outpacing other cryptocurrencies, especially altcoins, by a significant extent during this period.

Trading volumes jumped by 190% in the past 24 hours, hitting the $13 billion mark to account for nearly 5% of the asset’s circulating market cap. This indicates that buying pressure is increasing after the top altcoin recently confirmed a bullish breakout of a key resistance.

Short liquidations have also spiked by $239 million, indicating an ongoing short squeeze. Ethereum liquidations alone have reached $116 million, more than doubling those of Bitcoin (BTC) during this period.

Today, reports indicated that the U.S. is coming back to the negotiating table with Iran after two consecutive weeks of attacks on the nation-state. Oil prices have retreated from a recent peak of $94 to $83 in the past few days, indicating that the market is expecting another ceasefire agreement between the two countries at some point.

Geopolitical tensions and macroeconomic headwinds have prevented crypto assets from climbing to higher levels. However, we believe that top tokens like ETH may have already hit their cycle bottoms or could be near them.

This Ethereum On-Chain Metric Its Repeating Its 2025 Cycle Bottom Pattern

An on-chain metric called the MVRV Ratio has recently made a triple bottom after hitting the same level it reached in March 2025, back when ETH bottomed at around $1,400.

This metric tracks the relationship between Ethereum’s market value and its realized value, which measures the token’s market cap by using the price at which each token was bought the last time it was transferred.

The MVRV Ratio’s similar behavior compared to the March 2025 cycle bottom provides further evidence that ETH could be about to make a strong comeback. However, back then, a strong catalyst helped push the token out of its bear market — the successful implementation of the Pectra upgrade.

Whenever the MVRV Ratio rises past the zero line, that tends to mark the beginning of a bull market. Right now, the metric remains neck-deep in negative territory, but we will keep tracking its development as it has been a good predictor of previous trend reversals.

Breaking Past $2K Could Unleash a Strong Rally for ETH

Heading to the daily chart, we identified a W-shaped pattern recently that was confirmed after the price broke above the $1,800 resistance.

Moreover, a double-bottom formed at $1,550, indicating that there was significant institutional-level demand at that specific price zone.

Right now, we see the $2,200 area as the most likely target for ETH. This is the level where the 200-day exponential moving average (EMA) currently sits. The market seems to be aiming for reversion to the mean, as it did with Bitcoin recently.

BTC retreated strongly after hitting the 200-day EMA, so we’ll have to wait and see how the price action will behave once ETH hits this technical indicator.

If we break past $2,200, the next stop could be the $2,400 mark. It is worth noting that breaking past the $2K area by itself could trigger a strong short squeeze, as it happened in May 2025. If that’s the case, the $2,400 area might be the next target in sight.