Originally published on: December 12, 2024
Ethereum (ETH) has been on a bullish streak, surging 11.6% between Dec. 10 and Dec. 12 after a brief dip. This upward movement was fueled by increased activity on the Ethereum network and significant inflows into Ether spot exchange-traded funds (ETFs), restoring confidence among investors.
In just two days, EtherETH$3,869.67ETFs saw net inflows of $557 million, contributing to the rapid price recovery. Investors took advantage of the dip at $3,550, anticipating Ethereum’s continued dominance and the growing adoption of decentralized applications (DApps).
The total value locked (TVL) in the Ethereum network rose to $78 billion on Dec. 12, a 31% increase from the previous month, according to DefiLlama. This growth was driven by increased deposits in protocols like AAVE, EigenLayer, and Binance Staking, solidifying Ethereum’s position as the clear leader in the market.
Despite fierce competition from platforms like Solana, Ethereum remains at the forefront with its layer-2 scaling solutions and low transaction fees, attracting more users and investors. Additionally, recent reports from Bitwise and World Liberty Financial have set ambitious price targets for Ethereum, pointing towards further growth in the near future.
With a 65% surge in price over the past three months and strong buying support at key levels, Ethereum seems poised for further gains. While the $4,500 mark may be within reach, the market’s bullish momentum, institutional interest, and onchain activity paint a promising picture for ETH’s future.
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Disclaimer: The information provided in this article is for general knowledge purposes only and should not be considered as legal or investment advice. The opinions expressed are solely of the author and do not represent the views of the publication.