While Bitcoin continues to set new records, Ethereum’s performance has lagged behind. However, recent bullish momentum is bringing Ethereum close to its all-time high (ATH). While this rally was temporarily halted by US PPI data released yesterday, market expectations for a new ATH are increasing. 📈 One analyst, Nansen’s Jake Kennis, warns that even though ETH is only a few hundred dollars away from its previous ATH, it could take weeks or even months before we see a new record. ⏳ His reasoning? A period of consolidation following Ethereum’s rapid price growth in such a short time frame. 📈
He believes the delay in reaching the new ATH is due to recent volatility and Ethereum’s swift price surge. However, he expects ETH prices to continue rising, potentially reaching a new record-breaking high. To achieve further gains, Kennis predicts that ETH should experience some consolidation before continuing upward momentum. 📈
He notes that while this period of consolidation is anticipated, he doesn’t expect Ethereum’s performance to decline in the medium or long term and instead anticipates continued upward trends as long as institutional investment and ETF inflows remain strong. 🔥”Ethereum ETFs have even surpassed Bitcoin inflows recently. As long as ETH flows and rhetoric remain positive, the upward trend will continue,” Kennis stated.
Despite this optimistic outlook, Ethereum’s price prediction on the platform Polymarket by end of August is quite bullish; with a predicted $5,000 for ETH, 55% chance to reach that price point by then. 💰
*This does not constitute financial advice.* Continue reading.