From the beginning of this year, Ethereum has gained 41%, performing very well in my opinion. I lot of people hold ethereum hoping it reaches an all time high but sadly I don't for see it happening. The $4,857 peak is unlikely in 2024.
The latest Polymarket survey and you can totally go check it for yourself suggests that these chances have decreased from 75% in June to 49%. For the Ethereum price to reach such a high, it would have to increase by another 46.17 % of its current cost which is at $3,318 as at now (could be different at the time of reading)
Although this would be unlikely because there’s no clear reason or event that could push the price up that much except for maybe Trump winning and people thinking there will be some kind of bull run so start buying more of the token.
A separate poll by Polymarket suggested a mere 13% chance of ethereum hitting $10K in 2025. I really don't think that would happen either. Yes I'm not optimistic and I think it helps in avoiding wishful thinking.
Even though Ethereum has performed better than some other cryptos like Cardano, it still lags way behind Bitcoin and Solana whose prices have gone up more.
Recently approved spot ETFs are kinda bringing in a little bit of good news for Ethereum, and the flow of funds into them is pretty enormous. The ETHA fund from Blackrock alone has attracted $442 million. That's a lot of money, more than enough for me to retire my job.
But if you look at it holistically, Ethereum has underperformed just like Bitcoin did after receiving its ETF approvals earlier this year
So for Ethereum to hit a new all-time high there are two things that must happen. First of all, Bitcoin should go above its ow all time high at more than seventy thousand three hundred dollars ($73,300). We know Bitcoin drives the Altcoins so perhaps that could do some work.
The second thing that needs to be done for Ethereum to hit an all time high would be overcoming the price charts double top pattern that exists between 3970 USD and USD. Don't ask me ask the experts.
The Federal Reserve might also help give Ethereum a little bit of boost. Therefore if they decide to ease monetary policy by cutting interest rates it could make risky assets such as cryptocurrencies more attractive to investors. That's perhaps how Trump will make crypto great in America.
But I'd rather be on a safer side and not think of an all time high happening. Maybe you've got a better suggestion for a possible all time high let me know.