Bitget Research analyst Ryan Lee discussed Ethereum (ETH) price predictions for December 2024. What are the main factors influencing the performance of the second-largest cryptocurrency by market capitalization?
Ethereum (ETH) and December 2024 Price Prediction: Key Factors
Bitget Research analyst Ryan Lee has released his Ethereum (ETH) price prediction for December 2024 next month.
Lee highlighted key factors that could impact ETH performance, primarily citing increased inflows to Spot Ethereum ETFs.
In fact, in November, ETFs on ETH appear to have increased by $300 million each day, setting a historic record. Not only that, but the ETH ETF went from net outflows to net inflows in November, indicating growing interest from traditional finance in the Ethereum ecosystem.
The second important factor to consider then concerns the secondary market, where ETH has recently recorded continuous price increases.
Here, Bitget Research analysts highlight that options' daily implied volatility is stable and that the recent breakout above $3,600 was caused by spot accumulation rather than speculative activity. It shows.
With these two key factors alone, Lee's December 2024 Ethereum (ETH) price prediction suggests the possibility of another bull run.
Ethereum: According to price predictions, ETH could fluctuate between $3,000 and $4,500
Continuing his analysis, Lee emphasized that external events could impact Ethereum (ETH) performance as early as next month.
In fact, Bitget Research analysts talked about Clanker, the meme coin issuance platform that debuted on Base. Lee believes that new and popular meme coins could stimulate activity in the Ethereum ecosystem and increase demand for ETH.
Another important event is that Paul Atkins, a friend of the Ethereum ecosystem and DeFi systems, has been evaluated as a candidate for the new chairman of the US SEC. Even this temporary assumption could have a positive impact on Ethereum’s performance in December, but it will only be certain in January 2025.
In any case, based on these key factors, Lee's December 2024 ETH price prediction is bullish. ETH should fluctuate between $3,000 and $4,500.
Due to this prediction, Mr. Lee does not dare to say that ETH will exceed the ATH (all-time high) in 2024.
Performance of second cryptocurrencies by market capitalization
As of this writing, ETH is worth $3,578, up +7% compared to 7 days ago and +38% compared to a month ago.
ETH reached its highest price of the year in March last year, when it crossed the $4,000 threshold.
Therefore, unlike Bitcoin, ETH has not been able to outperform its own annual performance during this common crypto rally month.
But speaking of crypto projects, Ethereum continues to make progress. Recently, co-founder Vitalik Buterin expressed his enthusiasm for the new version 0.13.3 of Starknet, a layer 2 scaling solution for the Ethereum network.
Buterin said this update is an important step towards improving the efficiency and scalability of the Ethereum blockchain.
