Analysts predict a new ATH for Ethereum by the end of the year

According to the Derive options protocol, Ethereum ETH $3,948.30 Bridged Ether (StarkGate) -2.53% Market capitalization $0.35 billion VOL. 24 hours $1.77 billion is 8% likely to reach $ 5000 by the end of 2024. This is despite the significant amount of investment in spot ETFs, which could cause a potential «supply-side crisis.» Earlier, the probability of ETH reaching $ 5000 by the end of the year was 16%. However, most cryptocurrency experts still believe that Ethereum will reach a new all-time high by the end of 2024.

According to CoinMarketCap, ETH will need to grow by 37% from its current level of $ 3669 to reach this goal. In the meantime, ETH options trading is balanced, indicating a neutral market sentiment.

At the time of writing, Ethereum’s price reached $ 3,714, its market capitalization is $ 447.42 billion, and daily sales reached $ 51.26 billion.

Popular crypto trader CoinMamba said that its goal for ETH at the end of the year remains $ 5000. Against the backdrop of these statements, Ethereum community member Eric Conner drew attention to the daily inflow of $ 305 million into Ethereum ETFs. This indicates a potential supply-side crisis. Educator Anthony Sassano supported this opinion, noting that «traditional financial institutions are actively buying up cheap ETH.»

It is worth adding that earlier, Bankless podcast host Ryan Adams suggested on December 9 that a new all-time high for ETH could be reached within the next week. The current record of $ 4878 was set in November 2021. The Pentoshi trader also noted that ETH is showing «structural changes,» with inflows into ETFs becoming stable and significant. ETH recently hit its highest weekly close in a year, which could indicate a close test of all-time highs.