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

TLDR Strategy Enhances Financing Framework for Future Activities

TLDR Strategy has updated its securities paperwork to maintain its at-the-market financing capacity, crucial for future funding activities.

user avatarAisha Farooq

WisdomTree Advances Regulatory Framework for Tokenized Funds

WisdomTree has updated its registration materials for tokenized investment products, focusing on the legal framework necessary for their distribution.

user avatarTenzin Dorje

CleanSpark Surpasses 10,500 BTC in Bitcoin Reserves

CleanSpark has achieved a significant milestone by increasing its Bitcoin reserves to over 10,500 BTC, reflecting a strategic shift in its operational model.

user avatarBayarjavkhlan Ganbaatar

Hester Peirce Calls for Cryptography to Enhance Financial Crime Prevention

Hester Peirce advocates for the use of cryptography to improve financial crime prevention, criticizing current data collection practices.

user avatarMohamed Farouk

BlackRock's Tokenized BUIDL Fund Surpasses $550 Million in AUM

BlackRock's tokenized BUIDL fund has reached approximately $552.4 million in assets under management, highlighting its significance in the institutional real-world asset market.

user avatarElias Mukuru

Trump Administration Seeks to Expand Dollar-Backed Stablecoins Globally

The Trump administration is considering an initiative to promote dollar-backed stablecoins internationally to reinforce the dollar's status as the world's reserve currency.

user avatarDiego Alvarez

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.