The price forecast for Ethereum (ETH) for December 2024 was discussed by the analyst from Bitget Research, Ryan Lee. What are the key factors influencing the performance of the second crypto by market cap?
Ethereum (ETH) and its price prediction for December 2024: the key factors
The analyst from Bitget Research, Ryan Lee, announced his price prediction for Ethereum (ETH) for the upcoming month of December 2024.
Lee highlighted the key factors that could influence ETH’s performance, listing primarily the growing inflows of spot Ethereum ETFs.
In fact, it seems that in the month of November, ETFs on ETH saw a daily increase of 300 million dollars, marking a historic record. Not only that, ETH ETFs went from net outflows to net inflows in November, indicating a growing interest from traditional finance in the Ethereum ecosystem.
A second key factor to consider then refers to the secondary market, where ETH has recently recorded consecutive price increases.
Here, the analyst from Bitget Research highlighted that the 1-day implied volatility of options remained stable, indicating that the recent breakout above 3,600 $ was driven by spot accumulation rather than speculative activity.
Even with just these two key factors, the price prediction for Ethereum (ETH) for December 2024 by Lee suggests that a further bullish could occur.
Ethereum: the price prediction says that ETH can fluctuate between 3,000 and 4,500 dollars
Continuing with his analysis, then, Lee emphasized that external events could influence the performance of Ethereum (ETH) as early as next month.
In fact, among other things, the analyst from Bitget Research talked about Clanker, the memecoin issuance platform, which has emerged on Base. Lee believes that new popular memecoins could act as a stimulus for the activity of the Ethereum ecosystem, increasing the demand for ETH.
Another significant event is the evaluation of Paul Atkins, a friend of the Ethereum ecosystem and DeFi systems, as a potential new Chairman of the SEC of the USA. Even this temporary supposition could positively influence Ethereum’s performance for December, although certainty will come in January 2025.
In any case, based on these key factors, Lee’s price prediction for ETH for December 2024 is bullish. ETH should fluctuate between 3,000 and 4,500 dollars.
With this forecast, Lee does not venture to say that ETH will manage to surpass its ATH – All Time High, in this 2024.
The performance of the second crypto by market cap
At the time of writing, ETH is worth $3,578, in a pump of +7% compared to seven days ago and +38% compared to a month ago.
The annual price high reached by ETH came last March, when it surpassed the 4000$ threshold.
Therefore, unlike Bitcoin, in this general crypto rally month, ETH has not managed to surpass its own annual performance.
Yet, speaking of crypto projects, Ethereum continues to advance. Recently, the co-founder Vitalik Buterin expressed enthusiasm for the new version 0.13.3 of Starknet, the layer 2 scaling solution for the Ethereum network.
Buterin stated that this update represents a significant step towards greater efficiency and scalability of the Ethereum blockchain.
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