🚀 Will Ethereum (ETH) Hit a New All-Time High in 2024? Here's a detailed look at what could drive ETH towards $4900-$5000:

📈 ETH ETF Launch

With ETH ETF trading set to begin on July 23, similar to the successful BTC ETF launch earlier this year, significant inflows are expected into Ethereum.

💼 Comparing ETH and BTC

Despite ETH's market cap being 32.8% of BTC's, its 24-hour spot volume (47%), derivatives volume (37.9%), and total open interest (41.9%) suggest strong market activity and investor interest.

💰 Projected Inflows

Based on BTC ETF trends, ETH ETF could attract inflows estimated at $7.12 billion in the first 6 months, potentially adding $142.4 billion to ETH market cap.

🔍 Bullish Factors

Factors like no selling pressure from entities like Mt. Gox, record-low exchange supply, deflationary effects post-Merge, and staking rewards incentivizing holding ETH, all contribute to bullish sentiment.

📊 Price Projection

These factors combined could propel ETH to new heights, possibly reaching $4900-$5000, marking a new ATH for Ethereum.

📌 Keep in mind: Always #NFA (Not Financial Advice) and #DYOR (Do Your Own Research) when making investment decisions.

Are you bullish on ETH's potential in 2024? Share your thoughts below! 🌐💬.

#ETH🔥🔥🔥🔥