Ether: Analysts Doubt New Highs by End of 2024

user avatar

by Giorgi Kostiuk

2 years ago

Made with AI

  1. Struggles of Ether
  2. ETF Performance
  3. Impact of US Elections


    4. Predictions for Ether reaching new highs by the end of 2024 remain skeptical. Analysts believe that the asset lacks a strong growth driver, especially compared to tech stocks.

    Struggles of Ether

    Nick Forster, founder of the crypto derivatives platform Derive and a former Wall Street trader, believes Ether lacks a strong narrative to drive growth. According to him, the asset lacks a compelling story to attract investors.

    ETF Performance

    The launch of spot Ether ETFs on July 23 may draw more Wall Street attention, but it also puts Ether in competition with more lucrative tech stocks. Since the beginning of the year, Ethereum has gained 0.98%, while some leading tech stocks have shown significantly higher returns. Forster estimates the likelihood of Ether reaching a new high of $4,878 by the end of 2024 to be around 10%. However, three key events must align for this to happen: Donald Trump winning the US presidential election, aggressive rate cuts by the Federal Reserve, and an increase in global financial liquidity.

    Impact of US Elections

    Forster suggests the US elections could be the most significant event in Ether’s history, perhaps more so than the approval of the ETFs. Significant volatility is expected on election day, potentially moving the price by 10-15%. While traders anticipate more pronounced price swings, pseudonymous trader Titan of Crypto believes Ether is gearing up for an upward move amid ongoing consolidation.

    Ether faces uncertainty in achieving new highs in 2024. Key factors will be global financial conditions and the outcome of the US elections.

Tier I

Sector: #18291

Sealed Hiding Place Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, hiding places will be stored in your inventory and can be opened with Keys.

Other news

BotPsy Sets New Standards in AI Performance Benchmarks

Tether's QVAC BotPsy has achieved impressive scores in AI performance benchmarks, scoring 440 on BFCL v4 and 587 on ACEBench, surpassing larger models and demonstrating the potential of smaller AI models.

user avatarMiguel Rodriguez

Tether Launches Innovative AI Model QVAC BotPsy

Tether introduces QVAC BotPsy, an AI model with 800 million parameters that excels in performing everyday tasks on personal devices.

user avatarRajesh Kumar

CoreWeave's Strong Q3 Performance Boosts AI Sector Sentiment

CoreWeave's strong Q3 results have increased investor sentiment in the AI sector, reporting $366 million in revenue, a 168% year-over-year increase, and raised full-year guidance.

user avatarLuis Flores

Deutsche Bank Launches Crypto Custody Service for Institutions

Deutsche Bank has officially launched its crypto custody service for institutional and corporate clients in Europe.

user avatarArif Mukhtar

Yana Prikhodchenko Takes the Helm as CEO of Phase

Yana Prikhodchenko has been appointed as cofounder and CEO of Phase, a technology company focused on the AI agent economy.

user avatarDavid Robinson

Phase Unveils Layer 1 Blockchain Mainnet and AI Agent Services

Phase has launched its Layer 1 blockchain mainnet and AI agent services, enabling autonomous operations for AI agents.

user avatarMaria Gutierrez

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.