Ethereum’s price dipped 3.5% on Tuesday to $2500, mirroring the broader crypto market pullback. However, ETH could be poised for gains in Q4 2024 based on a few key factors.

Historical data shows Ethereum tends to perform well in Q4, with an average return of 20.8% according to Coinglass. If this pattern holds, ETH could potentially surge past $3,000 in the coming months.

On-chain data also paints a bullish picture. Santiment reports that ETH whales holding 100,000 to 1 million coins have been accumulating since August, now controlling 20.8 million ETH. Additionally, the supply held by top addresses has increased to 44.17% of the total, indicating growing confidence among large holders.

ETH’s underperformance compared to Bitcoin recently can be attributed to differing narratives and ETF interest. However, the high correlation between BTC and ETH could now work in Ethereum’s favor, potentially boosting its price.

Looking ahead, some analysts see potential for ETH to reach $10,000 long-term based on technical indicators. In the nearer-term, the daily chart suggests ETH could pull back to $2,000 support before potentially rallying toward $3,000-$3,500 by year-end.

While short-term volatility is likely, the combination of historical Q4 performance, whale accumulation, and technical setups points to a potentially strong finish to 2024 for Ethereum. Traders should watch key support and resistance levels closely in the weeks ahead.