Ethereum price prediction: Can ETH reclaim $4,500 as network activity rebounds?

Ethereum is trading near $3,896 on October 23, 2025, holding between $3,700 and $4,000. While the broader crypto scene stays cautious, Ethereum is quietly gaining steam.

Network activity is rising, DeFi is bouncing back, and gas fees are slowly creeping up — all signs the network is getting busier.

The next key level? Breaking through $4,400–$4,500. If ETH can do that, it could run toward $4,800–$5,000. Interested in the short-term Ethereum price prediction? Let’s check out what might push the price next.

Ethereum price fundamentals get stronger as network activity picks up

Ethereum (ETH) is seeing encouraging momentum in its network activity. Daily transactions are holding strong above 1.2 million, signaling steady user involvement despite the broader macro slowdown. Concurrently, the DeFi ecosystem on Ethereum is experiencing renewed growth, with total value locked climbing around 8% from the previous week. This increase indicates more capital moving into core decentralized applications like lending, staking, and trading.

Gas fees, which serve as a gauge for demand, have risen slightly, reflecting heightened on-chain usage without causing the severe congestion typical of earlier market peaks. This increased activity also raises ETH’s burn rate, helping to reduce net issuance and strengthen Ethereum’s disinflationary stance post-Merge. Taken together, these developments suggest a healthy and expanding network that bodes well for price support.

Upside outlook for Ethereum price

Ethereum’s setup looks promising, with higher lows consistently holding above $3,700 — a good sign the bulls are still in play. If ETH breaks through $4,400–$4,500, it could be gearing up for a move to $4,800–$5,000. 

The Ethereum outlook looks healthy, supported by expanding Layer-2 adoption that helps with scaling and keeps mainnet demand steady. As more rollups go live, they’re increasing fees and transaction activity, which strengthens Ethereum’s fundamentals. If this trend sticks, demand and scarcity could push ETH higher into year-end.

Downside risks for ETH

If ETH loses that $3,700 support, it could fall toward $3,300–$3,400, where buyers tend to jump back in. A dip in DeFi growth — whether it’s from less activity or folks shifting to cheaper Layer-2s — could hit fee revenue and put the brakes on ETH’s climb. Throw in rising Treasury yields and a nervous market, and crypto might struggle to gain traction. Even though fundamentals look better, investors are still playing it safe with the bigger picture in mind.

Ethereum price prediction based on current levels

At this stage, the Ethereum forecast expects ETH to stay within $3,700 and $4,400. If it breaks through $4,500, there’s a good chance it’ll push up to $4,800–$5,000. 

While short-term swings are possible, the medium-term Ethereum price prediction looks promising, supported by increasing on-chain demand, more fee revenue, and deflationary pressure helping the recovery.