Ethereum Price Prediction: Is a Breakout in 2024 Still Possible?

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The strength of Ethereum’s price momentum has weakened considerably. In the last 30 days, it has experienced a drop of at least 5.4%. A few analysts have already expressed their doubts about Ethereum’s ability to hit a new all-time high this year. Have Ethereum investors lost their faith? Let’s see what analysts have to say! 

Ethereum’s Underperformance Compared to Tech Stocks 

Nick Forster, a crypto analyst, openly challenged the potential of Ethereum to make a big upward move this year, and its ability to compete against the top tech stocks, including Nvidia and Meta, which provided massive returns to their investors compared to Ethereum earlier year. 

Since January, Ethereum has achieved nothing more than a 0.98% gain. 

Forster pointed out that the approval of Ethereum Spot ETFs could not give the digital asset as much momentum as expected. 

The Potential for an Ether Breakout: What Experts Think 

Forster gave just 10 percent probability for such a breakout. He mentioned three important conditions for such a breakout to happen: the victory of Trump in the 2024 presidential election, the implementation of aggressive rate cuts by the US Federal Reserve, and a sudden rise in global financial liquidity. 

What Other Experts Think About The Possibility of An Ether Rally 

Not all experts have accepted what Forster opined. Some have expressed their difference of opinion openly. Titan of Crypto sounded extremely optimistic when he expressed his opinion about the future of Ethereum. He asserted that the market would witness an upward move soon. He referenced the observations he made using the Relative Strength Index as a justification for his optimistic position. 

Yoddha, another analyst with an optimistic outlook on Ether’s future, made bold claims, as he forecast a five-figure growth for Ethereum.   

In conclusion, right now, there is not much clarity about the future of Ethereum. Though some experts are optimistic, the existence of opinions like the one shared by Forster openly questions this optimistic thinking. Only time will tell how the market will evolve. 

Also Read: Why Crypto & Stocks Are Crashing? What to Expect Next?