Hashtag #ETHOnTheRise reflects a wave of optimism around $ETH as we approach the end of 2024. Several technical, fundamental, and macroeconomic factors are driving this bullish trend.

Recent Catalysts

1. Ethereum ETF Application in the United States: The recent announcement that Bitwise has filed an Ethereum spot ETF with the SEC has rekindled investor interest. An approved ETF could attract institutional capital, facilitating access to ETH and potentially propelling its price towards $4,000 before the end of the year.

2. Technical Improvements and Adoption: The growing use of Layer 2 solutions on Ethereum has surpassed $51 billion in total value locked (TVL) this year, increasing its efficiency and accessibility. These innovations are driving mass adoption while reducing transaction costs.

3. Bullish Analysis: Several analysts are predicting a bullish breakout for ETH, potentially above $3,500 by mid-December. Technical patterns, such as ascending triangles, support these projections. Additionally, data suggests accumulation by whales, signaling increased confidence in the medium-term outlook.

Challenges to Watch

Despite this momentum, Ethereum remains sensitive to macroeconomic conditions and increasing competition from other blockchains. Furthermore, the ETH/BTC pair is still showing signs of relative weakness, which could limit a broad-based rally.

While Ethereum looks set to end the year on a strong note, the next few days will be decisive in confirming this bullish trend. With a potential breakout to $4,000, ETH could well strengthen its position in the cryptocurrency market.

/!\ This article is not financial advice /!\