Ethereum

Solana

when

Ethereum price will likely drop to $2,000 first before jumping to $4,000, according to Polymarket, the popular prediction platform. 
Odds of Ethereum (<a href="https://crypto.news/price/ethereum/" target="_blank" rel="noreferrer noopener">ETH</a>) falling to $2,000 before Dec. 31 have been rising since Aug. 25, when they bottomed at 54%. These odds increased to 60% on Aug. 27 as the coin dropped to $2,600 from this week’s high of $2,818. 
Ethereum, like most altcoins, has been in a strong downward trend since March, when it peaked at $4,085. Therefore, the odds of falling to $2,000 have risen since the coin needs to drop by 23%. It would need to rise by 54% to reach $4,000. 
Another <a href="https://polymarket.com/event/will-ethereum-reach-3000-before-september" target="_blank" rel="">Polymarket poll</a> with $231,000 in assets shows an 8% chance of Ether rising to $3,000 before September. Most traders in <a href="https://polymarket.com/event/ethereum-all-time-high-in-2024" target="_blank" rel="">another poll</a> with $1.1 million don’t expect it to hit a record high this year. 
Ethereum has faced numerous challenges this year. It is experiencing substantial competition in the stablecoin market, where Tron (<a href="https://crypto.news/price/tron/">TRX</a>) is handling billions of dollars in transactions each day. 
It is also facing competition in the Decentralized Finance industry, where Solana (<a href="https://crypto.news/price/solana/" target="_blank" rel="noreferrer noopener">SOL</a>) had the most DEX volume in July as demand for its meme coins rose. Solana’s DEX volume was $57 billion in July, while Ethereum handled $54.5 billion. 
This month, however, Ethereum is leading by far, having handled $50 billion compared to Solana’s $33 billion. 
The biggest challenge that Ether is facing is that <a href="https://crypto.news/spot-bitcoin-etfs-see-inflows-of-64-8m-ether-etfs-outflows-drop-to-874k/" target="_blank" rel="noreferrer noopener">its exchange-traded funds are not having traction</a> among investors. Data by <a href="https://sosovalue.com/assets/etf/us-eth-spot" target="_blank" rel="">SoSoValue</a> shows that these funds have had a cumulative outflow of $477 million since their inception. They have had outflows in the past eight consecutive days.&nbsp; 
 You might also like: <a href="https://crypto.news/heres-why-ethereum-etf-inflows-are-lagging-behind-bitcoin/"> Here’s why Ethereum ETF inflows are lagging behind Bitcoin </a> 
<h2 class="wp-block-heading" id="ethereum-formed-a-death-cross">Ethereum formed a death cross</h2> 
<figure class="wp-block-image size-full">
 <picture loading="lazy" decoding="async" class="wp-image-14294406"> 
 <source type="image/webp" srcset="https://crypto.news/app/uploads/2024/08/Ethereum-price-2.png.webp"> 
 <img loading="lazy" decoding="async" width="3574" height="1982" src="https://crypto.news/app/uploads/2024/08/Ethereum-price-2.png" alt="Ethereum price"> 
 </picture> 
 <figcaption class="wp-element-caption">
 Ethereum price chart | Source: <a href="https://www.tradingview.com/symbols/ETHUSD/?exchange=COINBASE" target="_blank" rel="">TradingView</a>
 </figcaption>
</figure> 
Additionally, Ether has formed a series of lower highs and lower lows. Most importantly, it has also formed a death cross as the 200-day and 50-day Exponential Moving Averages have crossed each other.&nbsp; 
It has also formed a bearish flag chart pattern, pointing to more downside. If this happens, the next point to watch will be this month’s low at $2,113. A break below that point will raise the chances of the coin falling to $2,000. 
 You might also like: <a href="https://crypto.news/can-ethereum-regain-momentum-and-outperform-bitcoin-in-2024/"> Can Ethereum regain momentum and outperform Bitcoin in 2024? </a>

Polymarket: Ethereum price to hit $2k before $4k

Table of Contents

crypto.news

Other articles published on Aug 27, 2024

Satoshi to Lose Bitcoin Crown by Halloween

RepubliK Unveils Creator STOX, Enabling Users to Trade and Invest in Influencer Value

Crypto Market Experiences Weak Volumes and BTC Searches for New Lows

Binance CEO Richard Teng Refutes $26B Revenue Claim In Nigeria Lawsuit

Is Bitcoin (BTC) Heading Towards An Intense Declining Phase?

Russia to Begin Crypto Payment Trials Amid Sanctions

Join our free newsletter for daily crypto updates!