The largest altcoin Ethereum showed more weakness and fell more than Bitcoin.
Despite these declines, analysts generally think that ETH will experience a strong rise in the near future, while one analyst believes that the chances of ETH reaching new record highs by the end of 2024 are slim.
New ATH in Ethereum is Hard to Achieve by the End of 2024!
Ethereum is unlikely to surpass its current all-time high of $4,878 and reach new highs by the end of 2024, crypto derivatives platform Derive founder and former Wall Street investor Nick Forster said.
Forster said that Ethereum currently lacks the narrative and momentum to push its price higher compared to other cryptos.
The famous name also stated that the options market has priced in only a 10% chance of ETH reaching record levels by the end of 2024.
Foster stated that ETH reaching its new ATH by the end of 2024 is only possible if three major events occur:
“It is possible but unlikely that Ethereum will surpass its current ATH of $4,878 by the end of 2024.
Only three events could push ETH to a new ATH. These events include Donald Trump winning the US presidential election in November, the Fed implementing aggressive rate cuts to increase liquidity, and a broader increase in global financial liquidity.”
Foster recently 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.
Ethereum continues to trade at $2,370 at the time of writing.
*This is not investment advice.