Ethereum’s price has been on a volatile ride, currently hovering around $4,600 as the market navigates the latest inflation data. Despite recent correction, traders remain optimistic about ETH hitting the $5,000 mark before year-end. Key takeaways from the market:** 87% chance of reaching a new all-time high in August according to Polymarket bets, with 64% probability predicted for hitting $5,000 by August 31st. The potential for ETH to fall below $4,000 and $4,400 is also being considered, and analysts are looking closely at key price levels like the previous record weekly close around $4,600 and psychological support level of $4,000. On Polymarket, bettors currently place a strong 65% chance on ETH reaching $5,000 before August’s end, along with higher odds for hitting $4,800 and $5,400. Kalshi, another prediction site, also shows high confidence in Ether’s price surge before September. These expectations are mirrored by traders who emphasize crucial levels like the previous record weekly close at $4,600 as a potential support for further upside. The market will likely continue to be closely watched as these key price levels act as critical points of focus.