Ethereum’s next all-time high might not arrive as quickly as some traders expect, according to Nansen analyst Jake Kennis. While top traders are calling for new highs within days, Kennis believes the price could consolidate for weeks or even months before breaking through.
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ETH Holds Near All-Time High
Ethereum is currently just over 2% away from its record price of $4,865. On Thursday, it reached $4,779 before slipping back to $4,630 on Friday. Crypto trader RealMissNFT asked, “What day will we break this?” sparking debate among traders.
Kennis told Cointelegraph, “With ETH near its previous ATHs, we may consolidate for a bit, given the very large run-up in such a short time frame.”
Institutional Demand Supports ETH Price
Despite the possibility of a pause, Kennis is not calling for a drop. He said the rally will hold “as long as the flows and narrative remain strong,” pointing out that ETF inflows have even surpassed Bitcoin flows recently.
On Monday, spot Ethereum ETFs recorded their biggest daily inflow on record at $1.01 billion. Corporate Ethereum holdings also surged to $13 billion that same day, with companies like BitMine (BMNR), SharpLink (SBET), and The Ether Machine leading purchases.
Trader Predictions for Ethereum Vary
Some traders expect a much faster move. Crypto trader Ardizor said on Thursday that Ethereum “is set to hit ATH in days.” A week earlier, Pentoshi had predicted a “new ATH in the very near future.”
Polymarket bettors also remain confident, putting the odds of ETH hitting $5,000 before the end of August at 65%.
Meanwhile, sentiment analytics platform Santiment said retail traders doubt Ethereum’s rally will last. This disbelief, they noted, could actually help prices rise further, since markets often move opposite to retail expectations.
At the time of writing, ETH is sitting at $4,643.24.
