Ethereum price forecast: Blobs top burn leaderboard, ETH may hit record high in 2025
Ethereum blobs led the ETH burn leaderboard for seven days.
Blob space might support Ethereum's ultrasonic money story.
A move outside $3,250 and $3,550 might define ETH's future direction.
After a week of crypto market stabilization, Ethereum (ETH) fell 1% on Tuesday.
Ethereum burn leaders are blobs
Blob fees burned almost 500 ETH last week, surpassing Uniswap and ETH transactions. This tendency contrasts with ETH's 2024 trajectory.
The March Dencun update introduced blobspace on Ethereum blocks, scaling Layer 2s and lowering transaction costs. However, the fee decrease negated the burn mechanism, which kept ETH deflationary, increasing its supply by almost 400K ETH between April and December.
The August 2021 London hardfork implemented the ETH burn mechanism to permanently remove a part of transaction fees from circulation to limit ETH supply.
Since Layer 2 networks have seen rising traffic, the average blob count per block has typically exceeded 3.0, triggering price discovery.
According to Coinglass statistics, Ethereum ETFs saw net outflows of $55.4 million on Monday, ending their four-day inflow run.
Coinglass data shows Ethereum liquidations of $31.19 million in 24 hours. Long liquidations totaled $19.37 million, while short liquidations totaled $11.82 million.
In the previous 12 days, Ethereum has ranged between $3,250 and $3,550.
ETH might rebound from $3,000 if it falls below $3,250 when traders resume on January 2. This will fulfill the maximum profit objective of a double top pattern, the top altcoin posted on December 6 and 16. Failure to find support at $3,000 might cause ETH selling.
If ETH rises and maintains significant volume over $3,550, it might revisit $4,093 big barrier. Monitoring this resistance in 2025 is crucial. ETH may challenge $4,868, its all-time high, with a large volume rise over $4,093.
ETH might reach $2,200 if a daily candlestick closes below $2,817, invalidating the premise.
