Is Ethereum (available on Coinbase) dead? That’s the question some crypto analysts have been asking as ETH struggles to recover from its significant 2024 correction. After dropping more than 56% from its November highs, the Ethereum (available on Coinbase) price level has become a major focus point for investors trying to determine what comes next.

Ethereum (available on Coinbase) Trails Behind Bitcoin (available on Coinbase) and Solana

So far in 2025, Ethereum (available on Coinbase)’s (CRYPTO:ETH) performance has lagged behind that of other major cryptocurrencies. While Bitcoin (available on Coinbase) (CRYPTO:BTC) and Solana (CRYPTO:SOL) have made notable rebounds, Ethereum (available on Coinbase) has struggled to gain traction. ETH has even dropped to its lowest levels against SOL and BTC since 2020.

Cardano (CRYPTO:ADA) founder Charles Hoskinson recently added fuel to the bearish fire. In a YouTube video, he claimed Ethereum (available on Coinbase) wouldn’t last another 15 years, pointing to the rise of faster and cheaper Layer-2 networks like Base, Arbitrum, Optimism, and Polygon. These platforms have eaten into Ethereum (available on Coinbase)’s user base by offering more efficient and affordable transactions.

Key Network Metrics Tell a Different Story

Despite the skepticism, the Ethereum (available on Coinbase) price level alone doesn’t tell the full story. Blockchain data suggests Ethereum (available on Coinbase) still has a solid foundation. Its decentralized exchanges (DEXs) processed over $57 billion in trading volume over the past 30 days, trailing only behind Solana’s $61.3 billion.

Ethereum (available on Coinbase) also leads in Total Value Locked (TVL), with a staggering $107 billion, giving it a 57% market share in decentralized finance (DeFi). Furthermore, Ethereum (available on Coinbase) has the largest stablecoin market cap, totaling $124 billion—about 51% of the market.

Non-fungible token (NFT) activity also remains sTron (available on Binance)g on Ethereum (available on Coinbase), and its long-term holders seem unfazed by recent price drops. Data from Santiment shows ETH now has over 144.8 million holders, up from 130 million just a few months ago. The Mean Dollar Invested Age (MDIA), now at 658 days, reflects sTron (available on Binance)g conviction among older holders who aren’t rushing to sell.

Ethereum (available on Coinbase) Technical Analysis: What to Watch Now

From a charting perspective, ETH has shown signs of recovery. After bottoming near $1,383 earlier this month, the Ethereum (available on Coinbase) price level has climbed to $1,787—its highest since early April.

Importantly, ETH has broken above the upper trendline of a falling channel that began in November. It’s also crossed the 25-day moving average and appears to be forming a bullish flag pattern—a signal that often precedes further gains.

The Awesome Oscillator, a technical momentum indicator, is approaching the zero line. A break above this threshold has historically signaled bullish momentum. The last time this happened, Ethereum (available on Coinbase) surged over 40%.

The most critical Ethereum (available on Coinbase) price level to monitor right now is $2,150. This was a major support zone in August and September 2024, and it now represents a crucial resistance level. A clean break above $2,150 could set the stage for a rally toward $3,000.

Risks of Rejection at Key Resistance

However, if Ethereum (available on Coinbase) fails to break above $2,150, it could trigger a bearish pattern known as a break-and-retest. This would indicate that the recent rally is losing steam and could lead to further downside—possibly back to the $1,600 level or lower.

The market is at a crossroads, and upcoming developments in the broader crypto sector—particularly Bitcoin (available on Coinbase)’s (CRYPTO:BTC) trajectory and macroeconomic factors—could influence Ethereum (available on Coinbase)’s next move.

Final Thoughts: Is Ethereum (available on Coinbase) Really Dead?

Despite concerns, the data suggests Ethereum (available on Coinbase) is very much alive. Network usage remains sTron (available on Binance)g, investor confidence is intact, and technicals show potential for a breakout. WhETHer ETH will retest its highs or sink lower depends heavily on whETHer it can hold above or break through that $2,150 Ethereum (available on Coinbase) price level.

For now, Ethereum (available on Coinbase) is holding its ground—and possibly setting up for its next big move in 2025.

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