As a seasoned researcher who has witnessed the crypto market’s rollercoaster ride for years now, I find myself intrigued by the varying predictions for Ethereum’s price trajectory. On one hand, Dr. Sean Dawson’s data-driven analysis suggests that ETH reaching $5,000 by 2024 is a long shot, with less than a 10% chance. On the other hand, crypto traders like CoinMamba and Pentoshi are bullish, projecting ETH to hit $5,000 by year-end or sooner.
According to Onchain options protocol Derive, there’s only a slim likelihood (less than 10%) that Ethereum will reach the eagerly awaited $5,000 milestone by the end of 2024. This prediction contrasts with substantial investments into Ether exchange-traded funds (ETFs), which could potentially lead to a “supply shortage” scenario in the near future.
According to Dr. Sean Dawson’s market report on December 10, the likelihood of Ether (ETH) hitting $5,000 by December 27 had previously risen to approximately 16%, but it has since been revised downward to slightly over 8%.
ETH needs a 37% jump from its current price of $3,669 to reach $5,000, CoinMarketCap shows.
Dawson noted that “the buying and selling of call and put options for ETH appears balanced, indicating an overall neutral attitude among traders.
‘TradFi is gobbling up cheap ETH’ — trader
Anonymously trading cryptocurrencies, the user known as CoinMamba maintains a contrasting perspective, expressing on December 10th that they predict Ethereum (ETH) will reach $5,000 by the end of this year.
“Do what you will with that information,” they added.
On the same day, Eric Conner, a contributor to Ethereum, highlighted on his post the substantial $305 million inflow of Ether into an ETF, suggesting that a “shortage in supply” might be imminent.
Ethereum educator Anthony Sassano added that “TradFi is gobbling up the cheap ETH.”
According to data from Farside, approximately $202.2 million out of a total of $305 million inflow went into the Fidelity Ethereum Fund (FETH).
Ether new all-time high call within the week
According to a statement made by Ryan Adams on December 9th during his Bankless podcast, there’s a possibility that the record price for Ether could be surpassed within the coming seven days. The current all-time high for Ether was $4,878, which it reached in November of 2021.
Simultaneously, the anonymous cryptocurrency trader known as Pentoshi shared on December 9 with his 830,900 followers via a post that Ether is experiencing structural modifications along with the commencement of substantial and regular ETF inflows.
It was pointed out that ETH reached its highest weekly closing price for the year, and they agreed with Adams’ viewpoint, implying that a return to its record high may occur before some traders expect it to.
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2024-12-11 09:03