When it comes to the world of cryptocurrency, Ethereum’s (ETH-USD) story in 2024 is a bit of a mixed bag. Despite significant interest in its potential, analysts are not so sure it will reach its all-time high of $4,878 by the end of the year. Nick Forster, founder of crypto derivatives platform Derive and a former Wall Street trader, told Cointelegraph, “It’s possible, but not highly likely,” pointing out that Ethereum is currently struggling with a lack of a strong narrative to drive its price, especially when tech stocks are stealing the spotlight with better returns and growth rates.
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Wall Street Divides Attention Between Ether and Tech Stocks
The recent introduction of spot Ether ETFs on July 23 did grab Wall Street’s attention. However, Forster notes that these ETFs are now up against the likes of Nvidia and Meta, which have been delivering “better revenue and multiples” throughout the year. Since January, Nvidia’s stock (NVDA) has skyrocketed by 122.57%, while Meta (META) is up by 49.26%. Ether, by contrast, has only edged up 0.98% during the same period. The math isn’t exactly working out in Ethereum’s favor right now, and that has some investors on the fence.
U.S. Election Could Be Ethereum’s Wild Card
But hold on—don’t count Ethereum out just yet. The upcoming U.S. presidential election might be a game-changer. Forster suggests to Cointelegraph that the election could be the “most significant event” in Ethereum’s history, potentially even more impactful than the approval of spot ETFs. He explained that a Trump victory, combined with aggressive Federal Reserve rate cuts and a broader increase in global financial liquidity, could set the stage for Ethereum to reach new heights. However, he warns that these stars rarely align perfectly and added, “Options markets give it around a 10% chance.”
Traders Predict a Rollercoaster of Volatility
Meanwhile, the crypto community is filled with its own predictions. Crypto trader Zen, writing on X (formerly Twitter), cautioned that a rate cut might not be the silver bullet everyone expects: “Be careful here. Feds cutting rates by 50 is a new rumor. Market is adjusting prices for that scenario. So 25 bps rate cut can become bearish news.” There’s also speculation from other traders, like Titan of Crypto, who thinks “an upward move seems just around the corner,” based on Ethereum’s relative strength index and recent price trends.
So, What’s the Deal?
It seems like Ethereum’s fate in 2024 hinges on a delicate balancing act between Wall Street dynamics, political outcomes, and the unpredictable nature of the crypto market. While some traders are ready to bet on a big move, others advise caution, reminding us that the crypto world is a place where fortunes can change in the blink of an eye.
What Is the Price of Ethereum Right Now?
At the time of writing, ETH is sitting at $2,330.56.
