An analyst stated that although ETH is currently just a few hundred dollars away from its record price, a new historical high for Ethereum may still take weeks or months to arrive.
"With ETH approaching its previous all-time high, considering the significant rise in such a short time, we may consolidate for a while," Nansen analyst Jake Kennis commented in remarks shared with Cointelegraph.
Nevertheless, traders still hope that Ethereum (ETH) can reach new highs more quickly, after ETH hit $4,779 on Thursday, just 2.07% away from its all-time high. It has since retraced to $4,630 on Friday.
On Thursday, cryptocurrency trader RealMissNFT asked, "When will we break through this price level?"
Although the asset has surged 215% since April, Kennis predicts that as long as institutional and ETF interest remains high, ETH will not see a downturn.
"As long as the inflows and narrative remain strong, the upward trend will continue," Kennis stated.
"In the past few days, ETH ETF inflows have even surpassed BTC inflows, which is an interesting trend that has been strengthening over the past few weeks," he added.
On Monday, the spot Ethereum exchange-traded fund (ETF) recorded the largest single-day net inflow in history, with total inflows across all funds reaching $1.01 billion.
On the same day, as the ETH price broke through $4,300, corporate Ethereum holdings surged to $13 billion, led by BitMine, SharpLink, and The Ether Machine.
Bitwise Chief Investment Officer Matt Hougan recently stated that Ethereum's treasury and holding companies have addressed the narrative issue of Ethereum by packaging this digital asset in a way that traditional investors can understand.
Kennis predicts that as long as "the inflows remain bullish," Ethereum will reach new highs in the coming weeks or months.
Some cryptocurrency traders speculate that it may come even sooner.
Cryptocurrency trader Ardizor stated on Thursday that Ethereum "will set a new all-time high in a few days." Just a week ago, cryptocurrency trader Pentoshi mentioned on August 7 that "it is likely to set a new all-time high in the near future."
Betters on the cryptocurrency betting platform Polymarket indicated that it is possible for ETH to reach $5,000 by the end of August, with a probability of 65%.
Meanwhile, sentiment platform Santiment noted that retail traders do not believe the upward momentum of Ethereum will last, but this skepticism actually helps to push prices higher, as prices often move contrary to retail traders' expectations.
Related: Opinion: Ethereum should limit transparency for a fairer blockchain
This article does not contain investment advice or recommendations. Every investment and trading activity involves risk, and readers should conduct their own research when making decisions.
Original article: “Nansen Analyst: Ethereum (ETH) Holders May Need to Wait Longer to See All-Time High”
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