Ethereum Price Spike: Analysts Predict Record Highs—Key Levels to Watch Now

Ethereum (ETH) slipped beneath the psychologically important $3,000 mark early Tuesday as a broader crypto pull-back erased nearly $200 billion in total market value. The downturn follows three consecutive sessions of net outflows from spot-ETH exchange-traded funds and renewed macro pressure after U.S. bond yields jumped to three-week highs, according to CryptoNews’ real-time market feed. At 14:00 UTC, Ether was changing hands near $2,960, down about 4 % on the day and 12 % week-to-date. Data from TS2.Tech show bulls briefly defended $3,190 on Monday before momentum flipped decisively lower amid a pick-up in derivatives liquidations. Despite the drop, Fundstrat Global Advisors co-founder Tom Lee told CoinDesk that Ether may be entering a “Bitcoin-like supercycle,” arguing that a confluence of shrinking net issuance and next year’s U.S. rate-cut expectations could propel the asset “100x higher” over the long term. Skeptics counter that Ethereum’s total-value-locked share has slid to a record low as fast, cheap competitors expand, a trend Lee acknowledged but dismissed as “noise.” Institutional positioning remains in flux. Research from Coinpaper highlights BlackRock’s recent ETH deposits and former BitMEX CEO Arthur Hayes’ wallet inflows, two catalysts traders say could ignite a near-term reversal if Ether can reclaim the 12 % dominance line versus Bitcoin. Until that happens, analysts warn of potential retests of April’s $2,700 swing low. Fundamentals, however, continue to strengthen. The Prague-Electra “Pectra” hard fork—slated for mainnet activation in May 2025—will bundle 11 separate Ethereum Improvement Proposals aimed at cutting average transaction fees, raising validator caps and introducing the long-awaited EVM Object Format, according to Trust Wallet’s upgrade brief. Many observers see Pectra as a key stepping-stone toward the end-state of danksharding and believe it could restore market share lost to Solana and other high-throughput chains. What to watch next • ETF flows: Five straight days of net creations would likely confirm a technical bottom. • Fed rhetoric: Dovish U.S. macro signals historically correlate with stronger ETH-BTC ratios. • Developer milestones: A successful roll-out of EVM Object Format on public testnets in Q1 could attract renewed venture interest in Layer-2 ecosystems. Bottom line Near-term sentiment around Ethereum has soured as macro headwinds and ETF outflows weigh on price, but structural upgrades and signs of deepening institutional engagement provide a counter-balancing bullish narrative. Traders eyeing a rebound will look for $3,200 to flip from resistance back into support, while long-term investors frame any sub-$3 k prints as potential accumulation zones ahead of the Pectra upgrade and 2026’s rumored “Fusaka” scalability push.