Ramazan Eles 
Cryptocurrency analysts have been debating whether Ethereum (ETH) could enter a bull market, especially now that spot Ethereum ETFs are grabbing the attention of Wall Street.
The analysts are split on whether ETH will reach a new all-time high (ATH) by the end of 2024. While some believe that Ethereum’s current “weakness” makes a significant price increase unlikely, many others expect a surge in value to begin soon.
Despite differing opinions on ETH’s price potential, there is general agreement among experts that Ethereum is falling short both socially and technically.
Nick Forster, founder of the cryptocurrency derivatives platform Derive and a former Wall Street investor, shared his thoughts with Cointelegraph:
“At the moment, Ethereum is struggling with the lack of a strong narrative to drive its price, particularly when compared to other assets.”
Ethereum (ETH) Struggles in the Competitive Landscape
Forster pointed out that while spot Ethereum ETFs have piqued Wall Street’s interest, this attention also puts ETH in direct competition with more lucrative tech stocks.
According to CoinGecko data, Ethereum’s price has only risen by 1% since the beginning of the year. Trading at around $2,400, ETH has underperformed compared to U.S.-listed tech stocks.
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For instance, Nvidia (NVDA) has surged by 122.57% since the start of the year, while Meta (META) has gained 49.26%.
Analysts arguing that U.S.-listed Ethereum ETFs are underwhelming in comparison think that it will be challenging for ETH to surpass its ATH of $4,878.
U.S. Elections Could Play a Key Role for Ethereum (ETH)
Forster also suggested that the upcoming U.S. elections could be the “most significant event” in Ethereum’s history:
“In relation to the elections, we could see an additional surge in volatility, with the potential for a 10-15% movement on that day.”
He believes that the impact of the U.S. elections on Ethereum will be greater than that of spot Ethereum ETFs.
Crypto analyst Titan of Crypto also indicated that ETH might be gearing up for a rally soon.
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