From Investing.com:

Ethereum’s growth has been stunted by a bearish trend. In order to catalyze a bullish reversal, layer-2 network adoption and ecosystem expansion are crucial. This includes the surge of layer-2 solutions like Arbitrum and Optimism, which aim to enhance Ethereum’s ecosystem by providing scalability and reduced fees.

Ethereum also needs to address its persistent scalability issues. Despite the implementation of EIP-1559, the network still struggles under high demand, leading to exorbitant fees. Resolving these scalability woes is crucial for Ethereum to retain its value and utility.

Finally, the establishment of an Ethereum ETF would be a strong bullish signal. This would pave the way for institutional investment, providing a regulated and accessible means for traditional investors to gain exposure to ETH.

Looking at the Ethereum chart, there is a local resistance level at approximately $2433.5. For a bullish case to solidify, Ethereum needs to break past this resistance with conviction. Should this occur, it could signal a shift in investor sentiment and open the path to higher price levels.



Read more: Ethereum (ETH) Needs These 3 Crucial Factors to Align for Growth: Details By U.Today