Is Ethereum's peak price for this cycle over? A key indicator suggests it could still rise.

Ethereum Price Fluctuations

Ethereum's price experienced significant volatility in 2025, initially dropping to $1,500 before reaching a new all-time high of $4,946. A recent market downturn caused a price dip to around $3,750, raising questions about its future potential. Despite this, ETH has largely outperformed other large-cap crypto assets.

On-Chain Analysis by Alphractal

Market analytics firm Alphractal analyzed Ethereum's on-chain data, specifically the Exchange Withdrawal Count. Typically, spikes in this count precede Ethereum price peaks as investors withdraw assets. However, the recent trend shows a steady decline in the Exchange Withdrawal Count as the price moves towards a new high—a deviation from historical patterns.

Potential for Further Growth

Alphractal's analysis suggests that Ethereum's price may not have reached its peak in the current cycle, based on this unusual trend. This potential for further growth is tempered by the possibility of a historical exception given the recent price downturn. The interpretation of this metric remains cautious.

Current Market Status

As of now, Ethereum’s price stands just above $3,700. It reflects a 3% decline within the last 24 hours. The altcoin has experienced a greater than 16% decrease in value over the last seven days.