Ethereum (ETH) price is a potential decline of 30% despite attempts at a full recovery from the crash on MondayAn uncertain economic outlook due to high interest rates and a possible recession in the US could trigger a pessimistic mood in the market and significantly dampen the upward movement of prices.
Ethereum price may not reach all-time high in 2024
The Ethereum price is on a slippery slope as investors on the Polymarket Platform bet 80% that the second largest cryptocurrency will not reach an all-time high (ATH) this year. This bearish probability comes after ETH Price The launch of spot Ethereum ETFs in the US failed to rally to $4,000 as the price succumbed to selling pressure at $3,545.
The majority of investors are leaning towards Ether not reaching an all-time high in 2024, betting on a staggering $471,615. Only 18% of participants believe Ethereum price will reach the all-time high milestone in Q4, betting on $198,955, while 5% have bet $255,601 on ETH, which reached $4,878 in Q3.
Ethereum Price Analysis: Short-term Outlook Bearish
Ethereum price has struggled to find higher support at $2,600, which could allow bulls to gather more liquidity to reach the $3,000 mark. With such a move, ETH could mitigate the impact of an impending death cross. A death cross is formed when a short-term moving average breaks below a long-term moving average, thereby sending a bearish signal.
The 50-day exponential moving average (EMA) at $3,122 is falling towards a crossover with the 200-day EMA at $3,090. Selling pressure could increase as traders react to this pattern, increasing the chances of Ethereum falling to $1,830.
The short-term resistance at $2,700, which coincides with the 78.6% Fibonacci level, contributes to the seemingly bearish thesis. In addition, a sell signal from the Moving Average Convergence Divergence (MACD) suggests a lack of conviction in the Recovery targets $3,000.
It is worth noting that a death cross and bearish bets may not accurately predict ETH performance. A previous Ethereum Price Prediction shows that not all death crosses result in a prolonged price correction. Additionally, there is a possibility that whales will buy the dips to $2,400 and $2,200, creating momentum for a larger breakout above $3,000.
Frequently Asked Questions (FAQs)
The sentiment on Polymarket suggests that ETH will not reach an all-time high in 2024. However, a break above $3,000 could increase the chances of a new all-time high.
A death cross on the daily chart could trigger an extended correction to $1,830, reducing the chances of Ethereum price failing to reach the new all-time high.
The recovery from the crash to $2,111 shows that the bulls are back in control and could aim for a breakout above $3,000.
Johannes Isige
John is a seasoned crypto expert known for his in-depth analysis and accurate price predictions in the digital asset market. As the price prediction editor for market content at CoinGape Media, he is dedicated to providing valuable insights into price trends and market forecasts. With his extensive experience in the crypto space, John has honed his skills in understanding on-chain data analysis, non-fungible tokens (NFTs), decentralized finance (DeFi), centralized finance (CeFi), and the dynamic metaverse landscape. Through his persistent reporting, John keeps his audience informed and equipped to navigate the ever-changing crypto market.
Disclaimer: The content presented may contain the personal opinion of the author and is subject to market conditions. Conduct market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.
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