ETH Price Analysis: Poised for New Highs, Surpassing Previous All-Time High

IconCryptoNewsTerminal Staff23 Jul, 2024

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ETH Price Analysis: Poised for New Highs, Surpassing Previous All-Time High

Ethereum (ETH) is poised to reach new highs in the near future, according to industry experts. Pav Hundal, senior analyst at Australian crypto exchange Swyftx, believes that ETH is "highly likely to break its all-time high this year." Hundal points to the bullish indicators in the ETH options market, with the put-call ratio sitting at 0.27. This indicates that there is more demand for call options (bets on a price increase) than put options (bets on a price decrease). On a shorter time frame, Hundal predicts that ETH could surpass its November 2021 all-time high of $4,890. He believes that the recent launch of the ETH spot ETF has given ETH a robust supply and demand mechanism. However, Hundal warns that ETH could be choppy over the next 30 days. He advises investors to be patient and to expect some volatility in the short term.

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