Analysis of the possibility of Ethereum reaching a new all-time high in 2024
The possibility of Ethereum hitting a new all-time high in 2024 exists, but it is not optimistic. A cryptocurrency analyst pointed out that although the spot Ethereum ETF has attracted the attention of Wall Street, it faces fierce competition from technology stocks that offer higher returns and valuations.
According to analyst Nick Forster, Ethereum currently lacks a strong narrative to support its price growth. Since January, Ethereum has risen little, and its performance pales in comparison with some technology stocks. Although the options market holds an optimistic expectation of about 10% for its future price to break past records, this goal requires multiple major events to occur simultaneously.
The upcoming US presidential election and the possible interest rate cuts of the Federal Reserve will both have an important impact on the market. However, traders also reminded to be wary of the bearish reaction that the market may bring about if it is too optimistic about the extent of the interest rate cut.
Against this backdrop, the future of Ethereum is still full of challenges and opportunities. As market dynamics develop, investors need to pay close attention to the price volatility of Ethereum and the development of related events.
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