Is Ethereum Dead? Key ETH Price Levels to Watch in 2024 Ethereum’s Struggles in 2024: Is ETH Losing Its Edge?

The Ethereum (ETH) price has faced significant pressure this year, plummeting 56% from its November 2023 peak. Underperforming against major rivals like Bitcoin (BTC) and Solana (SOL), ETH has hit multi-year lows against both.

This slump has sparked debates—Is Ethereum dying? Cardano founder Charles Hoskinson recently predicted Ethereum won’t exist in 15 years, citing competition from Layer-2 networks like Base, Optimism, Arbitrum, and Polygon, which offer faster speeds and lower fees.

Why Ethereum Isn’t Dead Yet
Despite bearish sentiment, key metrics suggest Ethereum remains dominant:

#2 in DEX Volume – Ethereum processed $57B in 30-day DEX volume, just behind Solana ($61.3B).

Largest TVL in DeFi – With $107B Total Value Locked (TVL), Ethereum commands 57% market share.

Stablecoin & NFT Leader – ETH hosts $124B in stablecoins (51% share) and dominates NFT trading volume.

Growing Holder Base – Ethereum wallets surged to 144.8M, up from 130M in October 2023.

Ethereum Price Analysis: Critical Support & Resistance Levels
After bottoming at $1,383 in early 2024, ETH rebounded to $1,787, signaling potential recovery. Key technical signals:
✅ Broken Falling Channel – ETH escaped a downtrend since November 2023.
✅ Bullish Flag Pattern – Suggests upward momentum if resistance breaks.
✅ Awesome Oscillator Turning Positive – Last time this happened (November 2023), ETH surged 40%.

Key Price to Watch: $2,150
Bullish Scenario: A breakout above $2,150 (August/September 2023 low) could trigger a rally toward $3,000.

Bearish Risk: Failure to reclaim $2,150 may confirm a “break-and-retest” pattern, leading to further downside.

Final Verdict: Ethereum’s Future Hangs in the Balance
While short-term struggles persist, Ethereum’s ecosystem strength suggests it’s far from dead. However, price action around $2,150 will determine whether ETH stages a comeback or faces deeper declines.