Original Article: Polymarket: Ethereum price will not hit all-time high in 2024

Article Key Takeaways:

1. Moderate Performance: Ethereum has seen a significant rise, up 41% in 2024, but it still falls short of reaching its all-time high of $4,857.

2. Market Skepticism: Based on a Polymarket poll, the likelihood of Ethereum hitting its all-time high in 2024 has diminished, with only 49% of participants now optimistic about reaching this milestone.

3. Comparison with Competitors: Ethereum has outperformed some major cryptocurrencies but remains behind others like Bitcoin and Solana, which have seen more substantial gains.

4. Revenue from Fees: Ethereum continues to generate substantial revenue from transaction fees, surpassing other major platforms such as Tron, Bitcoin, and Lido Finance in this aspect.

5. Impact of ETFs: The approval of spot Ethereum ETFs has led to robust inflows, notably into products like BlackRock’s ETHA fund, although Ethereum's price performance post-ETF approval has not mirrored the optimism seen with Bitcoin.

6. Challenges and Competition: Ethereum faces stiff competition from other blockchain networks, notably Justin Sun’s Tron, which has become a significant player particularly among Tether users.

7. Potential Catalysts: For Ethereum to reach its all-time high, a strong bullish breakout from Bitcoin is needed along with Ethereum overcoming technical resistance in its price chart. Additionally, changes in Federal Reserve policies might act as a catalyst by making riskier assets more attractive.

8. Technical Analysis Indicators: Ethereum's current chart formations, such as the double-top pattern, imply significant resistance zones that need to be invalidated for a bullish breakout. Positive developments in these technical indicators could signal strong buyer interest and a potential rally.

9. Influence of Macro-Economic Factors: Changes in macro-economic policies, particularly those by the Federal Reserve concerning interest rates, could influence Ethereum's market behavior. A dovish stance by the Fed could enhance the attractiveness of risk assets like Ethereum.

10. Investor Behavior and Speculative Trading: The dynamics between short-term speculators and long-term investors will play a crucial role in Ethereum's price movements. Shifts in these dynamics following key speeches or announcements can lead to quick, significant market changes.

11. Global Cryptocurrency Sentiment: The overall sentiment towards cryptocurrencies, fueled by regulatory news, technological advancements, and institutional adoption, continues to play a critical role in driving Ethereum's price.

12. Market Positioning Post-ETF Approval: Despite the initial enthusiasm following ETF approvals, Ethereum has experienced subdued performance relative to expectations, possibly due to ongoing liquidations from high fee-based products like the Grayscale Ethereum Trust.

• This post was created by the $GAGAIN community and should not be taken as financial advice of any kind. This content within are strictly for entertainment purposes. Investing into cryptocurrency is extremely risky. You could lose everything, or you could 1000x. Be sure to DYOR before buying any cryptocurrencies.

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