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Ethereum Facing High Odds Against Reaching All-Time High in 2024
Aug. 13, 2024. 2 mins. read.
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Ethereum (ETH) is facing an 81% chance of not reaching a new all-time high in 2024, with most traders betting against its price surge this year.
Ethereum (ETH) is currently grappling with an 81% chance of missing out on a new all-time high (ATH) this year, according to data from the world’s largest prediction market, Polymarket. As the cryptocurrency community closely watches ETH’s performance, many traders have placed significant bets against the possibility of the altcoin reaching a new ATH by the end of 2024.
At the time of writing, Ethereum’s price stands at $2,549, reflecting a 17.75% decrease over the past 30 days. The current sentiment among traders suggests that ETH’s chances of surpassing its previous peak are slim.
Data from Polymarket reveals that only 3% of traders believe Ethereum will reach its ATH before the end of the third quarter. Meanwhile, 18% of traders, with a collective bet of $201,429, anticipate that the cryptocurrency could hit its ATH between October and December of 2024. However, the overwhelming majority—81% of traders who have wagered a total of $477,498—believe that Ethereum will fall short of reaching its ATH by the end of the year.
This pessimism marks a significant shift from a few months ago when optimism was high that ETH would follow in Bitcoin’s (BTC) footsteps after its post-ETF approval rally. However, that momentum has not materialized for Ethereum.
Moreover, the recent dip in the Coinbase Premium Index, a metric that gauges U.S. investor activity, indicates weakening buying pressure, which further dampens hopes for a price surge. Adding to ETH’s challenges, Solana (SOL) has recently reached a new ATH against Ethereum, potentially signaling a shift in market dynamics that could hinder ETH’s chances of hitting a new high this year.
While some indicators suggest that Ethereum could eventually reach an ATH of $5,367 within the next 350 days, it’s unlikely to happen in 2024. Market volatility, however, could still play a role in altering this outlook, but as of now, the odds remain heavily stacked against Ethereum achieving a new ATH this year.
Source: Ethereum (ETH) Faces an 81% Chance of Missing Out on All-Time High This Year
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