ethereum's price has performed well this year, rising 41% in the first seven months, but it is unlikely to hit its all-time high.
eth will not reach an all-time high in 2024
According to a ethereum-all-time-high-in-2024?tid=1722427504103″ target=”_blank” rel=””>Polymarket SurveyThe odds of ethereum (eth) returning to its all-time high of $4,857 this year have fallen from 75% in June to 49%. The poll has attracted over $623,000 in funding.
eth needs to increase by 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 survey by Polymarket with $334,000 in funding, the odds of Ether rising to $10,000 by 2024 are only 13%.
ethereum has outperformed some of its major peers in the cryptocurrency industry, such as Avalanche (AVAX), Cardano (ADA), and Near Protocol (NEAR). However, it has lagged behind bitcoin (btc) and Solana (SOL), which are up 50% and 65%, respectively.
The network has also generated the majority of revenue in fees as the number of transactions has increased. Data from Token Terminal shows that its fees rose to $1.75 billion, higher than Tron, bitcoin, and Lido Finance.
However, ethereum faces strong competition from other chains. Justin Sun’s Tron has emerged as a major competitor in the payments industry and has become a favorite among Tether users.
ethereum has also benefited from recently approved spot ETFs, which are seeing solid inflows. Blackrock’s ETHA fund has attracted over $442 million in inflows, followed by Bitwise, Fidelity and Grayscale Mini.
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ethereum’s underperformance following the ETF approval mirrors bitcoin’s performance following its approvals in January. The drop 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 its ATH
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For Ether to reach its all-time high this year, two things must happen. First, bitcoin must experience a strong bullish breakout above its all-time high of over $73,300. This behavior is likely since bitcoin has formed numerous bullish patterns, including a descending broadening wedge., an inverted head and shoulders pattern and a cup and handle pattern on the weekly chart.
Secondly, eth will have 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 a solid 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, such as cryptocurrencies, more attractive to investors.
