Will Ethereum’s Q4 2024 Performance Trigger a Price Breakout?
Ethereum’s$ETH
Q4 2024 Performance
Despite Ethereum’s price dropping below $2,000, the Messari Q4 2024 report highlights strong ecosystem growth. The Total Value Locked (TVL) surged 121.6% YoY to $66.3 billion, and Ethereum Layer-2 TVL rose 18.8% QoQ, signaling increased user engagement. Institutional interest also grew, with Ethereum ETFs up 63.6% QoQ and stablecoin supply reaching $106 billion. However, staked Ethereum saw its first decline since Beacon Chain’s launch.
Ethereum Price Decline
Ethereum faced a significant price drop, with $1.8 billion in exchange outflows marking the largest since December 2022. The price hovered around $1,891, down 15.48% weekly, with analyst concerns that further selling pressure could push ETH to $1,250.
Pectra Upgrade & Holesky Testnet
Ethereum developers resolved Holesky testnet issues, allowing Pectra upgrade testing to resume. The Pectra upgrade, integrating eight Ethereum Improvement Proposals (EIPs), aims to boost Ethereum’s speed, efficiency, and scalability, strengthening its long-term potential.
Conclusion
While ETH’s price struggles, network expansion, institutional interest, and upcoming upgrades indicate a strong foundation. If these trends persist, Ethereum could see a potential price breakout soon.