Derive Report: The possibility of Ethereum reaching $5000 by the end of the year is less than 10%
According to reports, the on-chain options protocol Derive stated that despite a large influx of funds into spot Ethereum ETFs suggesting an impending "supply-side crisis", data shows that the likelihood of Ethereum reaching $5,000 by the end of 2024 is less than 10%. Sean Dawson, Director of Research at Derive, pointed out in a market report on December 10th that the probability of Ethereum's price reaching $5,000 before December 27th had once climbed to a peak of 16%, but has recently been adjusted to slightly above 8%.
As shown by CoinMarketCap, Ethereum needs to rise by 37% from its current price of $3,669 to reach $5,000. Dawson also said that "the distribution of bullish and bearish trades for ETH is even, indicating neutral market sentiment."
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
The Bank of Japan's interest rate hike still fails to impress the market! Hedge funds slash yen long positions by nearly 80%, while dollar long positions increase significantly
After the Bank of Japan failed to deliver a clear enough signal of further interest rate hikes to the market, hedge funds have significantly reduced their bullish bets on the yen.
US Treasury yields continue to rise! Cleveland Federal Reserve President: Government and AI compete for funds, fueling rate hike expectations
Cleveland Federal Reserve President Loretta Mester stated on Friday that the recent sustained rise in long-term U.S. Treasury yields is the result of multiple factors working together.
Crypto prices
More
