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 Cache 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, caches will be stored in your inventory and can be opened with Keys.

Other news

Zcash's Impressive Market Performance and ETF Launch

chest

Zcash has experienced a remarkable price increase, gaining over 2,300% in the past year, aided by the launch of Grayscale's Zcash ETF.

user avatarLucas Weissmann

Zcash Surpasses $1,000 Mark, Achieving New All-Time High

chest

Zcash's price broke above $1,000 for the first time in nearly a decade, marking a significant milestone in its market performance.

user avatarRajesh Kumar

Trezor Implements New Security Measures After Data Breach

chest

Trezor is enhancing security measures, including anonymous delivery options, in response to a data breach affecting 67,000 customers.

user avatarFilippo Romano

Data Breach Affects 67,000 Trezor Customers

chest

A data breach at shipping provider ShipMonk has exposed personal information of 67,000 Trezor customers in the US.

user avatarEmily Carter

BAI Establishes Global Settlement Layer for AI Agents to Enhance Collaboration

chest

BAI is building a global settlement layer to enhance collaboration and efficiency among AI agents across various workflows.

user avatarTomas Novak

BAI Launches Free Access to Premium AI Models, Surpassing 133 Trillion Daily Tokens

chest

BAI has launched free access to its premium AI models, leading to a significant increase in platform activity and user adoption.

user avatarKaterina Papadopoulou

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.