Ethereum (ETH) reached a new ATH of over $4,900 in recent weeks after a prolonged period of weakness. However, this record high was short-lived, and ETH fell to $4,200 due to a general market correction. Ethereum subsequently recovered and rose to $4,500. As the fluctuations in the ETH price continue, there is a huge expectation in the market that ETH will experience a major rise by the end of 2025. However, Citigroup said it expects ETH to fall to as low as $4,300 (compared to the current $4,515) by the end of the year. According to Coindesk, Citibank said in a recent report that network activity remains the primary driver of Ethereum's value, but most of the recent growth has occurred in Ethereum's layer-2s. At this point, Citi analysts said that only 30% have migrated to Ethereum’s base layer, and the ETH price remains above their estimates. The recent growth of layer-2 networks has increased activity in the Ethereum ecosystem. However, it is unclear how much of a positive impact this will have on Ethereum layer-1. The current price of Ethereum reflects capital inflows and expectations for tokenization and stablecoins. In this context, Ethereum seems a bit overvalued.” Citibank predicted that Etheruem’s price could reach $4,300 by the end of 2025, which is the base case scenario, and that if the bull market continues, it could rise to $6,400, while in the worst-case scenario, it could fall to $2,200. *This is not investment advice.