Analysis of Betting Trends on Ethereum Price in 2024
PolyMarket has been betting on the possibility of Ethereum (ETH) reaching an all-time high (ATH) in 2024 for some time. Most traders betting on the world’s largest prediction market believe the odds are poor.
As of press time, the price of Ethereum was $2,549, down 17.75% in the past 30 days. In this on-chain analysis, we take a look at whether betting on altcoins is worth it.
Traders’ Expectations for Ethereum Price Movement
Data from PolyMarket shows that 3% of traders expect the Ethereum price to reach ATH by the end of the third quarter of this year. However, 18% expect the price of Ethereum to reach $201,429 between October and December 2024. Finally, traders are betting $477,498 that Ethereum price will fall below ATH by the end of the year. This group makes up 81% of traders who do what they preach.
Just a few months ago, market participants were convinced that the price of Ethereum would be higher than its 2021 peak. One reason appears to be the belief that Ethereum will follow in the footsteps of Bitcoin (BTC) once the ETF is approved. However, the reality is different, as U.S. investors accumulated large amounts of Bitcoin when it hit new highs last March, unlike the situation with Ethereum.
According to data from CryptoQuant, Ethereum’s Coinbase Premium Index rose between August 3 and 6, indicating strong buying pressure in the United States. However, the index has since fallen from its highs, suggesting a decrease in buying power.
Potential Price Predictions for Ethereum
Investors are also interested in whether Ethereum has reached a cycle high. To assess this possibility, BeInCrypto looked at the Pi Cycle Peak indicator, which historically indicates price highs when the bullish EMA crosses the bearish EMA.
The indicator suggests that Ethereum has the potential to reach an all-time high of $5,367 within the next 350 days. In a shorter timeframe of 111 days, Ethereum’s value could rise to $3,295. However, market conditions are volatile, and unexpected investor interest and buying activity could change these predictions.
Conclusion
While the odds may seem unfavorable for Ethereum to reach an all-time high in 2024, the cryptocurrency market is known for its unpredictability. Traders should stay informed about market trends and be prepared for rapid changes in price and investor sentiment.
