Ether All-Time High in 2024 ‘Possible, but Not Very Likely’

Contrary to popular belief, one analyst argues that Ethereum is unlikely to hit a new all-time high until late 2024, as it struggles to build a strong narrative and catch up with the allure of tech stocks.

However, several traders are adamant that a price surge is imminent.

“Ethereum is struggling right now because it lacks a strong narrative to drive its price, especially compared to other assets,” Nick Forster, founder of cryptocurrency derivatives platform Derive and a former Wall Street trader, told Cointelegraph.

Spot Ether ETF returns aren’t all that lucrative for Wall Street.

The launch of a spot ether (ETH) exchange-traded fund (ETF) on July 23 may have brought more “Wall Street interest” to the asset, but it also puts ether in direct competition with more profitable technology stocks that “offer better yields and multiples,” the poster explained.

According to CoinMarketCap data, the underlying asset, Ethereum, is up 0.98% since January 1, currently trading at $2,376. Meanwhile, several major technology stocks have seen even bigger gains over the same period.

According to Google Finance data, Nvidia (NVDA) is up 122.57% to trade at $107.21, while Meta Platforms (META) is up 49.26% to trade at $516.86..

He believes it is “possible, but not very likely” that Ether will break its current all-time high of $4,878 by the end of 2024.

“There’s about a 10 percent chance of this happening in the options market,” he explained, adding that three key events would have to “coincide” for it to happen.

This includes Donald Trump winning the US presidential election in November, the Federal Reserve ‘aggressively cutting interest rates’ to boost liquidity, and global financial liquidity ‘growing further’.

However, crypto trader Zen believes that a rate cut alone may not be enough, as it could lead to a bearish reaction if it falls short of market expectations.

“Be careful here. The Fed cutting rates by 50% is a new rumor. The market is pricing in that scenario. So a 25bp cut would be bearish news,” Jen wrote in a September 4 post to X.

US Presidential Election Likely to Be a Crucial Event for Ethereum

But the poster argued that the election itself, rather than the ETF approval, could be the “most important event” in Ethereum history.

“There could be more volatility ahead of the election, with a 10-15% swing possible on that day,” he added.

relevant: Why is the Ethereum (ETH) price underperforming the overall cryptocurrency market?

The poster noted that traders are expecting “greater price movement” than the asset has produced in the short term.

“Typically, Ethereum has seen daily volatility of around 2.5-3%, but the market is now pricing in daily volatility closer to 3.5%,” he explained.

Meanwhile, anonymous cryptocurrency trader Titan of Crypto commented in a September 5 post on X that “it looks like a bullish trend is just around the corner.”

They explained that Ether is “showing a rally or short-term pump” when the Relative Strength Index (RSI), which measures the speed and change in price movement to identify overbought or oversold conditions, is “at or near oversold territory” on a 3-day chart.

Fellow trader Yoddha added that despite the continued consolidation, he is confident Ether will “reach five figures.”

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This article does not contain any investment advice or recommendations. All investment and trading moves involve risk, and readers should conduct their own research when making decisions.