Ethereum is increasingly bullish

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Although Ethereum has underperformed other cryptocurrencies such as Solana (SOL), SUI, and XRP for most of this year, analysts believe that the current market situation may be favorable for ETH. The decline in Bitcoin's dominance is a major reason, and many believe that this marks the arrival of the long-awaited "altcoin season." At the same time, positive technical indicators are also driving Ethereum's price up. For example, the ETH/BTC trading pair has made higher lows on the daily chart on December 22, which may indicate a trend reversal and potential gains for Ethereum prices.

In addition, the weekly net inflow of Ethereum staking contracts continues to rise, indicating that more ETH is being locked in staking, resulting in a decrease in the circulating supply. This supply squeeze may put upward pressure on ETH prices.

However, Ali Martinez, a veteran cryptocurrency analyst, predicts that Ethereum's next leg up may be delayed. At press time, ETH is trading at $3,363, down 2.7% in the past 24 hours.

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