Ethereum, the second-largest altcoin, continues to show weakness and fell more than Bitcoin. Despite these declines, analysts generally think that ETH will experience a strong rise in the near future. However, one analyst believes that the chances of ETH reaching new record highs by the end of 2024 are slim.
Current Situation with Ethereum
Crypto derivatives platform Derive founder and former Wall Street investor Nick Forster said that Ethereum is unlikely to surpass its current all-time high of $4,878 and reach new highs by the end of 2024. Forster said that Ethereum currently lacks the narrative and momentum to push its price higher compared to other cryptos. He also stated that the options market has priced in only a 10% chance of ETH reaching record levels by the end of 2024.
Analysts' Forecasts
Forster stated that ETH reaching its new ATH by the end of 2024 is only possible if three major events occur. At the time of writing, Ethereum continues to trade at $2,370.
Three Possible Events to Achieve ATH
Forster also noted that three events could help Ethereum reach a new all-time high. The first is Donald Trump winning the US presidential election in November. Second is the Fed implementing aggressive rate cuts to increase liquidity. Third is a broader increase in global financial liquidity. He also argued that the US election could be the single most important event in Ethereum history, perhaps even more important than the approval of spot ETFs.
Thus, while analysts allow for the possibility of Ethereum reaching a new all-time high, they believe it is unlikely without significant external events or changes in the global economic situation.
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