Ethereum is showing proximity to its historic high of $4,878, but analysts are warning of a potentially long wait for new records.
Prospects for Achieving Historic High
Currently, the price of Ethereum (ETH) is approximately $4,779, just 2% below its previous historic high. However, Nansen analyst Jake Kennis believes the next wave of growth may take weeks or even months. Kennis noted, "Given that ETH is near its previous highs, we may consolidate for a bit, considering the sharp run-up in such a short time frame."
Strong Growth Factors for Ethereum
In recent months, Ethereum has shown a 215% increase since April due to rising institutional interest and the launch of spot Ether ETFs. Kennis emphasized that while short-term consolidation is likely, the rally has solid foundations. "The rally will hold as long as the flows and narrative remain strong," he added.
Mixed Market Sentiment
Some traders expect a quicker approach to historic highs. For instance, trader Ardizor predicted that ETH could hit its ATH "in days." Meanwhile, retail traders remain skeptical, with data from sentiment analytics firm Santiment indicating that many do not believe the rally will last.
Currently, Ethereum's future hinges on its ability to maintain institutional flows and positive narratives. If Jake Kennis’s cautious timeline proves accurate, ETH holders may need to exercise patience, yet existing catalysts and mixed market sentiment create favorable conditions for achieving and potentially surpassing its historic high by year-end.
