Foreign media outlet, Cointelegraph, projects a bullish outlook for Ethereum (ETH) in 2024, suggesting a potential rise to $5000. This optimistic forecast is based on several key factors. Firstly, the potential approval and subsequent inflows into Ethereum ETFs are expected to drive demand. Secondly, ETH exchange balances are at an 8-year low, indicating strong holding sentiment among investors. Increased accumulation by large ETH holders, often referred to as "whales," further supports this bullish thesis. Finally, analysis of SOPR (Spent Output Profit Ratio), an on-chain indicator, suggests holders are less inclined to sell at a loss, strengthening the overall market sentiment. While the $5000 target remains a prediction, these underlying factors suggest a positive trajectory for ETH throughout the year. Investors should always conduct thorough research and consider their own risk tolerance before making any investment decisions. ```

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