Ethereum’s (ETH) prospects of hitting a new all-time high (ATH) in 2024 appear bleak, according to the prevailing sentiment on Polymarket. The prediction market is awash with bets against the world’s second-largest cryptocurrency, suggesting that traders are skeptical about its ability to reclaim its former glory.
ETH’s price is currently trading at $2,549, marking a 17.75% decline over the past 30 days. On-chain data further reinforces the bearish outlook.
A staggering 81% of traders on Polymarket have wagered that ETH will remain below its ATH by the end of the year. While a small percentage of traders believe in an ATH before the third quarter ends, the majority of bets are concentrated on the possibility of an ATH between October and December.
The optimism that once surrounded ETH, fueled by Bitcoin’s post-ETF approval rally, has waned. While Coinbase Premium Index, a measure of US buying pressure, showed a recent spike, it has since retreated, indicating waning investor enthusiasm.
Furthermore, Solana’s (SOL) recent ATH against ETH adds to the bearish narrative. If this trend persists, it could further dampen ETH’s price prospects.
Technical analysis using the Pi Cycle Top Indicator suggests that ETH might still have room to grow before reaching its cycle top. However, the indicator also hints at a potential price ceiling of around $5,367 within the next 350 days. This projection casts doubt on the possibility of an ATH in 2024.
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While the current outlook is bearish, the cryptocurrency market is notoriously volatile. A sudden surge in investor interest could change the dynamics and propel ETH to new heights.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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