Complete Gate Post tasks to upgrade your rank

Credit Ranking

[//]:content-type-MARKDOWN-DONOT-DELETE
![](https://gimg2.gateimg.com/image/article/173753176920250105-191233.jpeg)
##[TL;DR]:
ETH investors have undoubtedly experienced a mix of emotions in the past year. 
Not only has the price increase lagged behind <a href="/ja/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a>, but it has also paled in the public chain arena compared to <a href="/ja/price/solana-sol" target="_blank" class="blog_inner_link">Solana</a>'s 20-fold surge and SUI's 10-fold returns, becoming just another player in the crowd. However, signs indicate that ETH may be gearing up for a comeback.

##Introduction
ETH has faced significant skepticism in this round compared to the previous cycle's DeFi and NFT boom. Numerous analyses point out that ETH is encountering severe upward resistance and is shifting towards inflation, with nearly all DeFi transactions being executed on Layer 2 continuously dragging down ETH's price. However, since Trump's election, everything has started to change. Not only has the inflow of capital into ETH spot ETFs undergone a dramatic turnaround, but the market has also begun to circulate bullish forecasts for ETH's future... So, will 2025 truly be a turnaround year for ETH?

##Significant Inflows into ETFs
In mid-2024, the U.S. <a href="/ja/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> spot ETF was approved. However, due to a sluggish market at that time, investor response was tepid, leading to substantial negative capital inflow. After about three months of stagnation, with the overall market warming up, <a href="/ja/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> saw significant capital inflows at the beginning of November, with net inflows consistently exceeding net outflows.  
![](https://gimg2.gateimg.com/image/article/17375317832.png)

By the end of November, the Ethereum spot ETF recorded 18 consecutive days of net inflows, setting a rare record, with the highest single-day net inflow exceeding $400 million. Adjusted for market capitalization, this is equivalent to nearly $1.2 billion in daily inflows for <a href="/ja/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a>, as Ethereum's market cap is only a quarter of Bitcoin's. This capital movement may reflect a reallocation of assets by investors or an expansion of investment scope, coinciding with the start of the new fiscal year for U.S. mutual funds on December 1, and demonstrating the market's optimistic expectations for 2025. If this demand for capital continues, Ethereum's price could significantly increase in 2025.

##Institutions Bullish on ETH's Future
In addition to active ETFs, institutional investors have shown great confidence in ETH.  

Carlos Mercado, a data scientist at blockchain strategy firm Flipside Crypto, noted that the number of Ethereum stakers has increased by over 30% in the past year. According to a survey by New York-based blockchain intelligence firm Blockworks Research conducted last October, 69.2% of respondents chose to stake Ethereum, with 78.8% coming from investment firms or asset management companies. Additionally, survey data indicates that over 52% of respondents participated in liquid staking, suggesting that traditional financial participants increasingly understand and apply Ethereum's DeFi ecosystem.

Bloomberg senior ETF analyst Eric Balchunas pointed out that since Trump's victory, the Ethereum ETF has recovered from a capital outflow predicament and has welcomed net inflows. The Bloomberg Intelligence data he cited shows that the cumulative capital <a href="/ja/price/flow-flow" target="_blank" class="blog_inner_link">flow</a> of Ethereum ETFs has turned positive, further proving that institutional investors' trust in Ethereum is continuously strengthening.

##Technical Analysis Favoring ETH
Moreover, technical analysis also indicates that ETH may be at a turning point.  

The price ratio between ETH and BTC is at a cyclical turning point and has formed a bottom. Based on experience, this suggests that Ethereum's price may soon rise, potentially even outpacing Bitcoin's gains.  
![](https://gimg2.gateimg.com/image/article/17375318333.png)
Well-known commodities and forex trader Peter Brandt also posted, “A letter from the grave?” along with a chart showing the price of Ethereum relative to Bitcoin. This chart illustrates how ETH surged four years ago when the ETH/BTC ratio was low.

##DApp Trading Volume Growth Leading the Way
The fundamentals affecting Ethereum's price include the monthly active users of decentralized applications (DApps) supported by the <a href="/ja/web3" target="_blank" class="blog_inner_link">Web3</a> ecosystem or its blockchain network.  
![](https://gimg2.gateimg.com/image/article/17375318074.png)

According to DApp Radar data, Ethereum's DApp trading volume has significantly increased, aligning almost perfectly with the rise in ETH futures trading volume and ETF capital inflows. In the past 30 days, Ethereum's DApp trading volume has far outpaced other DeFi tokens, totaling approximately $208 billion, greatly exceeding other tokens.

##Support from the Trump Family
In addition to fundamental factors, support from the family of U.S. President Trump has also become a potential price support point.

The Trump family project WLFI has recently purchased several Ethereum ecosystem tokens, including <a href="/ja/price/aave-aave" target="_blank" class="blog_inner_link">AAVE</a>, <a href="/ja/price/link-ln" target="_blank" class="blog_inner_link">LINK</a>, ENA, and ONDO, with ETH remaining the largest holding in their portfolio.  
![](https://gimg2.gateimg.com/image/article/17375318475.png)

Just yesterday, WLFI announced on the X platform that in commemoration of Trump’s inauguration as the 47th President of the United States, they would strategically buy $47 million worth of ETH. With the president on board, what is there to hesitate about?

##Increasing Frequency of Bullish Predictions
As favorable factors increase, bullish predictions in the market are also becoming more frequent.  

Cryptocurrency analyst Ali Martinez mentioned at the end of last year that ETH will outperform Bitcoin by the end of this macro market cycle. In his optimistic forecast for the coming months, he believes Ethereum will rise to $6,000 while also predicting that Ethereum will reach at least $4,000 in this cycle. He stated, “Every market cycle goes through a phase where Ethereum outperforms Bitcoin, which has not yet occurred in the current cycle but is certainly imminent. Since ETH is still lagging, there is an opportunity to buy before it outperforms the market.”

NDV co-founder Christian 2022.eth also stated that he has gradually built a position of over $8 million in <a href="/ja/price/bnb-bnb" target="_blank" class="blog_inner_link">BNB</a> since October, believing that in the second half of the bull market, <a href="/ja/price/bnb-bnb" target="_blank" class="blog_inner_link">BNB</a> and ETH will catch up and lead the way.  
![](https://gimg2.gateimg.com/image/article/17375318656.png)

Historical data also supports similar optimistic expectations. According to Coinglass data, in the first quarter following historical U.S. elections and <a href="/ja/explore/bitcoin-halving-countdown" target="_blank" class="blog_inner_link">Bitcoin halving</a> cycles, ETH has performed the best, particularly in the first quarters of 2017 and 2021, where ETH rose by 518% and 161%, respectively, even surpassing BTC’s returns in those two quarters (11.9% and 103.2%).

##Market Still Holds Bearish Views
However, not everyone is bullish on ETH's future.  

Markus Thielen, founder of 10x Research, holds a bearish view on ETH, predicting that ETH will continue to perform poorly and will not reach new historical highs in the “hawkish” macro environment of 2025: “We expect a more conservative outlook for ETH in 2025. Unlike previous years, the initial hawkish policies may face challenges from diminishing liquidity tailwinds.”

Moreover, ETH's development indeed faces challenges. In 2024, its ecosystem is experiencing low activity, and trading volume remains stagnant, facing strong competition from <a href="/ja/price/solana-sol" target="_blank" class="blog_inner_link">Solana</a> and Sui. ETH also grapples with pressure on its core narrative being questioned.

In conclusion, amidst the ongoing market fluctuations, both bullish and bearish statements are based on their perspectives, and before making any decisions, it is crucial to remember DYOR (Do Your Own Research).

<div class="blog-details-info">
<div>Author:** Orisi**, Gate.io Researcher
<div>Translator: Orisi
<div class="info-tips">\*This article represents only the researcher's views and does not constitute any investment suggestions. All investments carry inherent risks; prudent decision-making is essential.
<div>\*Gate.io reserves all rights to this article. Reposting of the article will be permitted, provided Gate.io is referenced. In all cases, legal action will be taken due to copyright infringement.
</div>

简体中文

English

福利中心

web3 Airdrop

launchpool(新币挖矿)

小红花-Exchange-Startup

交易-盘前交易

launchpad

打新

小红花-Learn & Explore-博客

小红花-Learn & Explore-快讯

币圈-币圈-未来事件

小红花-Learn & Explore-聊天室

小红花-Learn & Explore-直播

小红花-Learn & Explore-动态

币圈

Gate OTC

芝麻金融-更多-财富管理

机构-APIs

机构-大宗交易服务

机构-经纪商项目

全球做市商计划

机构-托管和资产管理

机构借贷

机构-做市商项目

小红花-Promotions-机构和VIP服务

量化基金

机构-基础架构

机构-交易

机构-金融

结构化产品

机构-主页

衍生品-统一账户

芝麻金融-更多-抵押借币

vip服务

机构

策略跟单

现货跟单

合约跟单

跟单

量化策略-探索

量化策略-进阶

量化策略-基础

机器人广场

创建机器人

探索机器人

杠杆网格

无限网格

期现套利

组合指标策略

智能调仓

现货马丁格尔

合约网格

现货网格

交易机器人

芝麻金融-更多-ETH2.0挖矿

芝麻金融-更多-法币理财

链上赚币

芝麻金融-理财-双币宝

芝麻金融-理财-定期理财(屯币)

芝麻金融-理财-结构性理财

芝麻金融-理财-理财宝

芝麻金融-理财-余币宝

GT挖矿

芝麻金融-更多

芝麻金融-理财

赚币

模拟交易

衍生品-期权

衍生品-交割合约

衍生品-永续合约

合约入门

合约活动

衍生品

交易-杠杆ETF

交易-杠杆交易

交易-闪兑

交易-现货交易

交易-创新交易

交易

行情

买币-gateCard

卖币

买币-快捷交易

买币

买币-paywith

法币定投

小红花-推广

新手指南

活动中心

小红花-Learn & Explore-学院

小红花-Exchange-最新公告

小红花-Exchange-帮助中心

gate商店

小红花-Promotions-邀请计划

小红花-promotions-代理商

cextg小程序

储备金

合作伙伴

小红花

web3

Market  Reignites Bullish Sentiment: Can ETH Make a Comeback？