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The price of Ethereum in 2025 has been caught in a pattern that is neither bullish nor bearish. It moves in a tight range, high enough to scare off new buyers, but stable enough to avoid panic. ETH was rejected just below $3,900 per month, and its key support at $2,900 held. Between those levels, liquidity fades, importance stagnates and direction becomes uncertain.
Any increase in the price above $3,600-$3,900 met resistance from short-term traders, while any drop in the low $3,000s met only half-hearted offers. The result is paradise. The credibility of Ethereum is not in question, but its price structure is – and its future depends on one of two results that will define the next quarter.
Don Allwho made a name for himself by predicting major cycle tops, believes that $4,000 is the key to a sustainable bullish case. A meeting here could boost the trend participation, liquidity and capital looking for proof of promises. Anything less leaves Ethereum vulnerable to its lower defense zones around $2,900 and $1,800. The deeper pocket near $812 remains a long-term target.
Volatility is not the problem – there is no conviction. The market is fluid and active, but reluctant. Above $4,000, ethereum it leads, but underneath, it corrects and the confidence melts. Until then, ETH remains in limbo – a billion-dollar asset waiting for the market to show its hand.