Ethereum (ETH) is poised for a potentially bullish year ahead, with a series of catalysts that could drive its price upward, according to Ki Young Ju, the CEO of CryptoQuant. Despite the recent Bybit hack, which set a new record, Young Ju notes that there is no significant sell pressure on Ethereum at the moment. This is supported by on-chain and market data that remain neutral, indicating that exchange selling takes time and OTC offloads have minimal impact on the price.
One key factor that could contribute to Ethereum’s positive trajectory is its dominance in the stablecoin market, currently holding 56% of the market cap. With the recent easing of crypto regulations by the Trump administration, more companies are expected to utilize ETH-based stablecoins and smart contracts in the coming years. Additionally, the approval and activation of spot exchange-traded funds (ETFs) for Ethereum in the US is seen as a bullish sign, as regulatory tailwinds could lead to a surge in ETH prices this year.
Furthermore, data shows that whales have been accumulating Ethereum, with wallet balances of 10,000 to 100,000 ETH increasing by 24% over the past year. This accumulation, mainly from wallets holding less than 1,000 ETH, suggests a strong bullish sentiment among large investors. The current price of Ethereum is also approaching the cost basis of these accumulating addresses, indicating potential price support.
At the time of writing, Ethereum is trading at $2,424, down nearly 9% in the past 24 hours and almost 8% in the past week. Despite this short-term dip, the overall outlook for Ethereum remains positive based on the aforementioned catalysts and market trends.
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In conclusion, Ethereum’s potential for growth is supported by a combination of market factors, regulatory changes, and investor sentiment. As the crypto landscape continues to evolve, Ethereum remains a key player with promising prospects for the future.