Ethereum is approaching its prior all‑time high of US$4,878.26 (10 Nov 2021). Whether it sets a new peak is uncertain. And as we all know, cryptoassets are highly volatile, and prices can move quickly in either direction.

What’s Driving ETH price action?

US spot ETH ETFs launched in 2024

On 23 May 2024 the SEC approved exchange rule changes (19b‑4s) for multiple US spot Ethereum ETFs. Trading began on 23 July 2024. Across issuers, first‑day trading volumes exceeded US$1 billion, with estimated first‑day net inflows of around US$108 million. 

ETF flows can vary over time and may reverse. These are US-listed products; US spot crypto ETFs are not available to UK retail investors.

Network scaling upgrades

The Dencun upgrade (activated 13 March 2024) introduced EIP‑4844 (proto‑danksharding “blobs”), materially reducing data costs for many Layer‑2 rollups and helping lower typical L2 transaction fees. Fee levels still vary with network demand and usage.

Broader market conditions

Crypto performance is influenced by macro factors (inflation, interest rates), shifting correlations with Bitcoin, and risk appetite. These drivers can change quickly and lead to both rallies and drawdowns. Bitcoin’s price hit an all-time high recently, and many people think this has also caused upwards pressure on the price of Ethereum.

What could derail the move?

• ETF dynamics: Net inflows may slow or turn negative, affecting demand.
• Market and technical risks: Network incidents, smart‑contract vulnerabilities, or liquidity shocks across crypto markets can rapidly impact prices.
• Regulatory developments: Changes in rules or enforcement in key markets can affect access, liquidity and sentiment.

Is Solana next?

• Filing status: Several issuers filed for US spot Solana ETFs in mid‑2024, with additional filings acknowledged in 2025. As at the dates referenced, no US spot SOL ETFs have been approved; outcomes and timelines remain uncertain.
• Potential impact: If such products were approved, any price effect would depend on investor demand, liquidity and market conditions. There is no guarantee that any ETF launch would lead to price appreciation.

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