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ETH sits 50% below its $4,946 all-time high, with $3,500 seen as more achievable than a new record by 2028.

A record 43.8 million ETH is staked and JPMorgan has launched JPM Coin on Ethereum’s mainnet, two factors that could boost demand.

Ethereum spot ETFs shed $1.15 billion in net outflows between September 28 and October 20, signaling a key market headwind.

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Ethereum (CRYPTO: ETH) is trading at $2,460, up 3.1% in the past 24 hours. However, it has been volatile, down 8.8% this month and 9.7% over the past 30 days. This places ETH at 50.3% below its all-time high of $4,946, reached on August 24, 2025.

Throughout this year, the price has varied, hitting a low of $1,505 in June and a high of $2,807 in September. Currently, ETH is trading below its 20-day average of $2,532 and its 50-day average of $2,550, two key indicators traders use to gauge market trends.

A close-up photograph of several golden Ethereum coins, with one coin standing upright in the foreground, displaying the Ethereum logo and the word 'ethereum' on its surface. The coins are reflected on a dark, glossy surface. In the background, a digital trading chart with red and green candlesticks indicates market activity, and a large, bright green upward-pointing triangle is positioned on the right, symbolizing growth. Jin Odin / Shutterstock.com

So, will ETH regain its previous highs by 2028, or is a lower price range more realistic?

What Would ETH Be Worth at a New Record? A gold Ethereum cryptocurrency coin featuring the ETH symbol and text 'DECENTRALIZED PLATFORM THAT RUNS SMART CONTRACTS' is displayed prominently on a reflective surface. To the right, a small stack of gold and silver coins is visible. The background is a blurred financial chart with blue, green, and red elements, indicating market data. Gerdie Hutomo / Shutterstock.com

A cryptocurrency’s market value, or market cap, is calculated by multiplying its price by the total number of coins in circulation. Currently, Ethereum’s market cap is around $301 billion, with about 122.1 million ETH in circulation and no maximum supply limit. This means the network can continue to issue new ETH as staking rewards.

Therefore, any supply increase before 2028 may require a higher market value for ETH to sustain a specific price.

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For ETH to reach $5,000 in 2028, its market cap might need to exceed the valuation that $5,000 represents based on today’s supply. Historically, ETH has struggled to break above $5,000. It peaked at $4,867 in November 2021, then fell to a low of $897 in June 2022 before hitting its record in August 2025.

Meanwhile, Bitcoin (CRYPTO: BTC) trades at $83,495, down 23.4% over the past year, while ETH has fallen more sharply, down 36.7%.

JPM Coin, Staking and Glamsterdam Could Lift ETH Demand A prominent silver-colored Ethereum coin with its golden pyramid logo and 'ethereum' text is in the foreground, surrounded by several other blurred gold and silver cryptocurrency coins. In the background, a dark blue screen displays an out-of-focus financial candlestick chart with vibrant red and cyan lines indicating market movements. Zephyr_p / Shutterstock.com

Recent developments may boost ETH. JPMorgan Chase (NYSE: JPM) has introduced JPM Coin to Ethereum’s mainnet, its active public network where transactions incur fees paid in ETH. While this is a new initiative and doesn’t guarantee a price increase, it could create additional demand for ETH by increasing bank payment activity.

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Currently, a record 43.8 million ETH is staked, according to Bitwise data. This means that holders have locked their ETH to help secure the network in exchange for rewards. Since staked coins cannot be sold immediately, this reduces the supply available for sale. However, ETH’s price declined in October while staking levels continued to rise.

Additionally, Ethereum’s upcoming upgrade, known as Glamsterdam, is set to go to the Hoodi test network on October 26. This upgrade is expected to increase the gas limit, allowing the network to handle more transactions. While successful testing could hasten the mainnet launch, it may attract more users without necessarily guaranteeing increased demand for ETH.

Conversely, Ethereum spot ETFs, which hold ETH and trade like stocks, have recently declined. After reaching cumulative net inflows of $13.96 billion on September 28, these inflows fell to $12.81 billion by October 20, with $1.15 billion in net outflows, highlighting market challenges.

Bear, Base and Bull Scenarios for ETH in 2028 A shiny physical Ethereum cryptocurrency coin, featuring a green logo and the word 'ethereum' engraved, is prominently displayed in the foreground. Behind it, a blurred digital screen shows a stock market chart with bright green upward-trending lines and arrows, interspersed with soft red and blue illuminated data points on a dark background, indicating market movement. Sergei Elagin / Shutterstock.com

Below are potential ETH price scenarios, each influenced by Bitcoin cycles, ETF flows, staking activity, and on-chain usage. The market values reflect the current circulating supply.

In the bear scenario, a downturn in Bitcoin’s performance and continued ETF outflows could lead ETH to revisit its June low. The base scenario relies on a resurgence of ETF inflows and consistent staking growth. The bull scenario requires Bitcoin to reach new highs, increased bank activity like JPM Coin on the blockchain, and ETF inflows surpassing those peak values from September.

What Is the Ethereum Price Prediction for 2028, and Can ETH Hit $5,000?

By 2028, ETH will likely trade between $1,500 and $5,000. The $3,500 price point appears more feasible than reaching a new high, since ETH has struggled to break above $5,000. To achieve a new record, ETH would first need to surpass its 50-day average of $2,550 and clear its September high of $2,807. ETF inflows would also have to rise above $13.96 billion, and Glamsterdam would need to reach mainnet smoothly.

A monthly close above $2,807 coupled with resumed ETF inflows could support the base scenario. Conversely, if these factors fail to materialize and ETH breaks below its June low of $1,505, the bear scenario could become a more likely outcome for 2028.

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