Ethereum
Ethereum Price Won’t Reach All-Time High in 2024
The price of Ethereum has performed well this year, rising 41% in the first seven months, but it is unlikely to reach its all-time high.
ETH will not reach its all-time high in 2024
According to a Polymarket SurveyEthereum’s chances (ETH) which returned to their all-time high of $4,857 this year fell from 75% in June to 49%. The survey attracted more than $623,000 in funding.
ETH needs to surge 46.17% from Wednesday’s $3,318 to reach its all-time high. While this is possible, participants believe the token lacks a clear catalyst.
In another Polymarket poll with $334,000 in funds, the chances of Ether reaching $10,000 in 2024 are only 13%.
Ethereum has outperformed some of its top peers in the crypto industry like Avalanche (AVAX), Cardan (ADA), and Near Protocol (CLOSE). However, it lags behind Bitcoin (Bitcoin) and Solana (GROUND), which increased by 50% and 65% respectively.
The network also generated the most revenue in fees as the number of transactions increased. Data by Token Terminal shows that its fees reached $1.75 billion, more than those of Tron, Bitcoin and Lido Finance.
However, Ethereum faces stiff competition from other chains. Justin Sun’s Tron has emerged as a major contender in the payments space, becoming a favorite among Tether users.
Ethereum has also benefited from recently approved spot ETFs, which are seeing significant inflows. Blackrock’s ETHA fund has attracted over $442 million in inflows and is followed by Bitwise, Fidelity, and Grayscale Mini.
Ethereum’s underperformance following the ETF approval mirrors Bitcoin’s performance following its approvals in January. The decline could be due to the ongoing liquidation of the Grayscale Ethereum Trust, which has an expense ratio of 2.50%.
Conditions for Ethereum Price to Reach ATH
Ethereum Price Chart | Source: TradingView
Two things need to happen for Ether to reach its all-time high this year. First, Bitcoin needs to have a strong bullish break above its all-time high above $73,300. This performance is likely since Bitcoin has formed numerous bullish patterns, including a falling widening corner, an inverse head and shoulders pattern, and a cup and handle on the weekly chart.
Second, ETH will need to invalidate its double top chart pattern that exists between $3,970 and $4,095. If this happens in a high volume environment, it will indicate strong demand for the coin.
Another potential catalyst for Ethereum is the Federal Reserve, which could signal that it will begin cutting interest rates in September. A dovish Fed makes riskier assets like cryptocurrencies more attractive to investors.