ChainCatcher message, 10x Research's research director Markus Thielen stated, "Ethereum may not be the wisest investment choice in the 2025 bull market, as the returns of this asset may not be as satisfactory compared to Bitcoin."

Other analysts suggest that price movements may develop in two directions, and they are waiting for more confirmation from price charts to determine the price trend.

10x Research director Markus Thielen said in a market report on December 30, "While the possibility of new catalysts cannot be ruled out, we would not be surprised if Ethereum struggles to achieve a meaningful rebound next year."