Ethereum Price Update: Polymarket Wagers on ETH Not Reaching All-Time High in 2024
Ethereum’s price is currently facing the possibility of a 30% decline, despite efforts to bounce back from the crash experienced on Monday. The uncertain economic landscape, characterized by high interest rates and the looming threat of a recession in the US, could trigger a bearish sentiment in the market, hindering any significant upward movement in price.
Investors on the Polymarket platform are skeptical about Ethereum hitting an all-time high (ATH) in 2024, with an 80% bet against it. This pessimism follows Ethereum’s failure to surge to $4,000 with the introduction of spot Ethereum ETFs in the US, succumbing to selling pressure at the $3,545 level.
The prevailing sentiment among investors leans heavily towards Ethereum not reaching ATH in 2024, with a substantial $471,615 wager placed on this outcome. Only 18% of participants are optimistic about Ethereum achieving the ATH milestone in Q4, with a $198,955 bet, while 5% have staked $255,601 on ETH, which peaked at $4,878 in Q3.
In terms of price analysis, Ethereum has struggled to secure stronger support at $2,600, a crucial level that could empower bulls to drive towards the $3,000 threshold. Such a move might mitigate the impact of an impending death cross, a bearish signal triggered when a short-term moving average dips below a long-term moving average.
The 50-day Exponential Moving Average (EMA) at $3,122 is on a downward trajectory towards a potential crossover with the 200-day EMA at $3,090. This pattern could prompt increased selling pressure as traders respond, potentially leading to a decline in Ethereum’s price to $1,830.
Short-term resistance at $2,700, aligned with the 78.6% Fibonacci level, adds weight to the prevailing bearish outlook. Furthermore, a sell signal from the Moving Average Convergence Divergence (MACD) indicator indicates a lack of conviction in the recovery path towards $3,000.
While the presence of a death cross and bearish bets may suggest a challenging road ahead for ETH, historical Ethereum price forecasts indicate that not all death crosses result in prolonged price corrections. Moreover, the possibility of whales stepping in to buy at dips around $2,400 and $2,200 could generate momentum for a breakout above $3,000.
