Ethereum Price Update As Polymarket Bets Against ETH Hitting ATH in 2024

Ethereum (ETH) price faces a potential 30% drop despite attempts to recover fully from Monday’s crash. An uncertain economic outlook due to high interest rates and a potential recession in the US could catalyze bearish sentiment in the market, significantly suppressing upward price movement.

Ethereum Price May Not Hit ATH In 2024

Ethereum price is treading a slippery slope as investors on the Polymarket platform bet 80% that the second-largest cryptocurrency will not reach an all-time high (ATH) this year. This bearish probability comes after ETH price failed to rally to $4,000 with the launch of spot Ethereum ETFs in the US, succumbing to selling pressure at $3,545 level.

The majority of investors lean toward Ether not reaching all-time highs in 2024, with a staggering $471,615 bet. Only 18% of participants believe Ethereum price will achieve the ATH high milestone in Q4, betting $198,955, while 5% have staked $255,601 on ETH, which reached $4,878 in Q3.

Ethereum Price Analysis: Short-Term Outlook Bearish

Ethereum price struggled to find higher support at $2,600, which may allow bulls to gather more liquidity to push toward the $3,000 mark. With such a move, ETH might reduce the effects of a looming death cross. A death cross forms when a short-term moving average flips under a long-term moving average, sending a bearish signal.

The 50-day Exponential Moving Average (EMA) at $3,122 is dropping toward a crossover with the 200-day EMA at $3,090. Selling pressure may increase as traders react to this pattern, increasing the chances of Ethereum falling to $1,830.

Short-term resistance at $2,700, coinciding with the 78.6% Fibonacci level, contributes to the apparent bearish thesis. Additionally, a sell signal from the Moving Average Convergence Divergence (MACD) implies a lack of conviction in the recovery eyeing $3,000.

It is worth mentioning that a death cross and bearish bets may not accurately foretell ETH performance. A previous Ethereum price forecast reveals that not all death crosses result in extended price correction. Besides, there is a possibility whales will buy the dips to $2,400 and $2,200, creating momentum for a larger breakout above $3,000.