The Ethereum price recently sank over 7%, nearing the $2,400 mark, yet experts foresee a potential bullish trend. Market analyst Lark Davis points to on-chain metrics and behaviors suggesting an Ethereum price breakout. Ethereum's recent outperformance against Bitcoin in Q2 boosts investor confidence.

With the Pectra upgrade enhancing scalability and reducing inflation, exchange balances hitting lows, and substantial ETF inflows, larger investors are accumulating ETH for the long term. However, Davis notes the skepticism some market participants hold. Polymarket betting odds give Ethereum a 27% chance of reaching a new all-time high by 2025.

The broader crypto market also faced downturns, alongside political tensions between Trump and Musk, impacting the market's volatility. Analyst Income Sharks highlights political conflicts' influence on crypto markets, identifying the $2,390 mark as critical support for Ethereum, with potential upward targets.