Ethereum’s price is expected to remain at its current level, despite a 41% increase in the past seven months.
ETH won’t reach its highest point in 2024
A Polymarket pollThe odds of Ethereum are (ETHThe percentage of respondents who expect to return to their all-time record high level of $4 857 by the end this year, has fallen from 75% last June to just 49%. This poll attracted more than $623,000.
ETH must rise 46.17% above Wednesday’s price of $3,318 in order to reach its highest level. Participants believe this is still possible but that the token does not have a catalyst.
Ether’s chances of reaching $10,000 by 2024 in another Polymarket survey with funds totaling $334,000 are only 13%.
Ethereum is outperforming some of its biggest peers in the crypto-industry, like Avalanche.AVAX), Cardano (ADANear ProtocolNEAR). It has lagged behind Bitcoin.BTCSolana and SolanaSOL(which have increased by 50 and 65 percent, respectively.
As transaction volumes have increased, the network also has generated most of its revenue from fees. By Data TokenTerminal The fees for Lido Finance have increased to over $1.75 billion. This is more than Tron and Bitcoin.
Ethereum is facing stiff competition, however. Justin Sun’s Tron, a payment system that is popular among Tether customers, has been a strong competitor for the industry.
Ethereum is also benefiting from recently approved ETFs that are experiencing robust inflows. Blackrock’s ETHA has received over $442 inflows, followed by Bitwise’s ETHA, Fidelity’s ETHA, and Grayscale Mini.
Ethereum’s poor performance following the ETF’s approval is similar to Bitcoin’s after its approval in January. It could be because of ongoing liquidation by the Grayscale Ethereum Trust with a cost ratio of 2.5%.
Ethereum Price to Reach ATH?
Ether’s all-time record will be reached this year if two things happen. Bitcoin must first have a bullish breakout over its previous record high of $73,300. Bitcoin’s performance will be similar to this since it has shown numerous bullish patterns, including falling broadening wedge, An inverse pattern of head and shoulders, as well as a cup-and-handle on the chart for each week.
Second, ETH must invalidate the double-top chart that is located between $3.970 and $4.095. It will show a strong demand for ETH if this occurs during a period of high volumes.
The Federal Reserve could also be a catalyst, as it may signal its intention to start lowering interest rates by September. Investors are more likely to invest in riskier assets such as cryptocurrencies when the Fed is dovish.
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Source: crypto.news
