Investors pessimistic: Ethereum will not reach new record highs in 2024

Ethereum (ETH) has been an easy target for critics for months. The price of Ethereum is very disappointing, and the launch of its own American spot Exchange-Traded Funds (ETFs) has not gone as hoped.

While optimism among crypto investors seems to be increasing that the long-awaited bull market can erupt at any moment, crypto bettors still see a gloomy outlook for Ethereum.

85% chance that ETH will not reach ATH this year

According to crypto prediction platform Polymarket, there is a whopping 85% chance that Ethereum will not reach a new all-time high this year.

Ethereum’s all-time high price is just under $4,900 and was set in November 2021. With a current price of $2,600, this means the altcoin still has a long way to go to reach its all-time high. To be precise, a price increase of more than 88% is required.

Only 14% of Polymarket users think Ethereum is capable of this. Less than 1% have the unrealistic expectation that the altcoin will rise to an all-time high this quarter, which ends in four days.

Launched in 2020, Polymarket is built on the Ethereum (ETH) blockchain and allows users to bet on various events. Users can purchase tokens that represent “yes” or “no” for specific outcomes, such as price predictions or political events.

The value of these tokens changes based on supply and demand and reflects the probability the market assigns to a particular outcome. When the event ends, those who made the correct prediction will receive $1 per winning token. The person with the wrong prediction gets nothing.

Researchers remain confident

The bitcoin (BTC) price has been in a downward trend since March of this year – even now it has still not reversed – but Ethereum is having a harder time. The ETH/BTC trading pair recently even reached its lowest point since April 2021.

Even the long-awaited launch of Ethereum spot ETFs at the end of July did not help the price to flourish. These funds have seen a disappointing launch so far, with combined net outflows of more than $600 million.

However, in previous Ethereum news you could read that researchers from Steno Research believe that Ethereum will make a rapid turnaround. The researchers expect Ethereum to benefit significantly from the US central bank’s interest rate cuts, and are not concerned that Ethereum will be left out of the next bull market.