The price of Ethereum (ETH) has shown remarkable growth in 2024, surging over 11%. This upward trend has been consistent since December 2023, with a notable increase in institutional inflows to investment products. Currently trading at $2,537, Ethereum has experienced a 5.37% increase in the last week and a 14.56% rise in the past month. Despite a slight market correction, bulls remain optimistic about further gains.
Historical Price Trends
Looking back, Ethereum experienced a 91% price growth in the previous year, ending at $2,294. However, trading volumes and institutional products remained relatively low until a noticeable uptick in the fourth quarter. In Q1 2023, Ethereum saw significant price growth, reaching $1,792 and recovering from losses incurred during the 2022 bearish season.
- In 2022, the cryptocurrency industry faced challenges and macroeconomic issues, resulting in a sharp crash in prices for major assets like Bitcoin (BTC) and Ethereum (ETH).
- Despite the market conditions, Ethereum held promising indicators that captured the attention of wealth managers, acknowledging its growth potential even in a bear market.
Institutional Inflows
In Q4 2023, Ethereum gained bullish momentum and attracted investment inflows, finishing the year on a positive note. The momentum continued into the current year, with significant inflows into cryptocurrency products, driven by the anticipation of a potential approval for a spot Bitcoin ETF by the SEC.
“Ethereum recorded inflows totaling $26 million, indicating growing institutional interest in the market.”
While Ethereum received substantial institutional support, other assets like Solana (SOL) also garnered attention from investors. The latest data shows Ethereum attracting $30 million, outperforming Solana in institutional inflows despite its popularity.
- The approval of a spot Bitcoin ETF by the SEC triggered a surge in digital asset investment products, with Ethereum leading the way in attracting inflows.
- Analysts attribute the recent bullish trend to the positive sentiment surrounding the spot Bitcoin ETF approval and expect further growth in the market.
Despite a minor correction following the ETF approval, Ethereum continues to demonstrate strength in the market, while altcoins like Solana and Cardano also show positive price movements.
