Ethereum price prediction: Can bulls hold $1,500 as selloff deepens?

Ethereum has been underperforming since the start of the week, shedding 17% of its value over the last seven days. The decline comes amid a massive selloff across the broader cryptocurrency market. Ethereum has lost the $1,700 level, with bears now eyeing the $1,500 psychological level in the near term. The weekly chart, however, looks bleak, with a liquidity magnet sitting around the $1,380 zone. Whether Ethereum actually drops to this April 2025 low remains unclear, but the technical indicators suggest the bears are comfortably in control.

Bitmine's Tom Lee remains optimistic and predicts ETH at $250,000. Ethereum has been lagging in recent weeks, but BitMine chairman Tom Lee is keeping the faith on its long-term price. Bitmine remains the leading corporate holder of Ethereum, though the current bearish market has left the company sitting on nearly $9 billion in unrealized losses. The kind of paper pain that makes quarterly reports awkward.

Despite that, Lee reiterated an ultra-bullish long-term outlook for Ethereum, projecting a potential price target of $250,000. Speaking at the Proof of Talk conference in Paris, Lee argued that Ethereum is being underestimated by markets and that the prevailing pessimism might represent a strong long-term buying opportunity. Or, as traders call it, catching a falling knife with both hands.

Lee's central thesis is that the next major phase of global economic activity will be driven by autonomous AI agents transacting in real time. He noted that Ethereum is best positioned to serve as this base layer due to its smart contract infrastructure and established developer ecosystem. Hence, Lee views Ethereum less as a financial asset and more as a settlement currency for machine-driven economic activity. The robots will apparently need a blockchain, and Lee has picked the one his company holds the most of.

The Bitmine chairman also pointed to structural changes within the Ethereum ecosystem, noting that the Ethereum Foundation has reduced its holdings to a small fraction of the total supply. Less overhead supply, in theory, even if the chart does not seem to have noticed.

Ethereum price forecast: Bears extend the decline. Ethereum is down 4% at the time of writing on Friday, maintaining a bearish bias amid its six-day slide. The ETH/USD weekly chart remains bearish, with Ethereum trading well below the 50-day EMA near $2,116 and the 100-day EMA around $2,223, reinforcing the overhead supply zone. Momentum indicators on the daily chart back up the bearish picture. The RSI is deeply oversold at 29, and the MACD remains below its signal line, suggesting downside pressure continues to dominate, despite the occasional risk of a corrective bounce.

At press time, ETH is trading at $1,682. It has already slipped below the February 6 low of $1,747, leaving it exposed to a decline toward lower support levels at $1,538 and $1,380, last visited in April 2025. If the minor $1,630 support level holds, however, Ethereum could recover and target initial resistance at $1,835. A decisive break above that level would be needed before Ethereum can reclaim the $2,070 resistance area.