Ethereum Price Prediction: Analysts Speculate on $5,000 Milestone

Ethereum’s Road to $5,000 Facing Uncertain Odds

Analyzing Ethereum’s trajectory towards the highly anticipated $5,000 price mark by the end of 2024 reveals challenging odds, with less than a 10% probability, according to Derive, an on-chain options protocol. Despite notable inflows into Ethereum exchange-traded funds (ETFs), the likelihood of a significant surge to reach the target remains low.

Analysts Optimistic Amidst Gloomy Predictions

While data indicates a neutral market sentiment with evenly distributed ETH call and put trades, some analysts maintain an optimistic outlook. A crypto trader known as CoinMamba reaffirmed a bullish stance on Ethereum, expressing a target of $5,000 by the end of the year.

Record Inflows Trigger Speculation of Supply Crisis

December 10 witnessed a massive $305 million inflow into Ethereum ETFs, sparking speculation of an imminent “supply-side crisis.” Traditional finance entities rapidly accumulating ETH suggest potential shifts in the market landscape as institutional interest grows.

Structural Changes and Bullish Predictions

Industry experts point to Ethereum undergoing structural changes fueled by consistent and significant ETF flows. The recent achievement of the highest weekly close of the year signals a potential retest of its all-time high, hinting at a positive short-term outlook.

Analysts like Crypto Jaibrah highlight a broadening wedge pattern on the weekly chart, projecting Ethereum to reach $5,300. These optimistic forecasts align with a hopeful sentiment surrounding Ethereum’s future price movement.