Sorry, ETH holders, you may have to wait longer for all-time highs

A new all-time high for Ether may be weeks or months away, despite ETH currently sitting only a few hundred dollars off a new record price, an analyst said. 

“With ETH near its previous ATHs, we may consolidate for a bit, given the very large run-up in such a short time frame,” Nansen analyst Jake Kennis said in comments shared with Cointelegraph. 

Ether price won’t fall if narratives stick

Still, traders are hoping Ether (ETH) will reach new highs sooner after it reached $4,779 on Thursday, just 2.07% off its all-time high. It had retraced to $4,630 on Friday. 

On Thursday, crypto trader RealMissNFT said, “What day will we break this?”

Source: Quinten Francois

While the asset has already surged 215% since April, Kennis predicted it won’t see downside so long as institutional and ETF interest remains high. 

“The rally will hold as long as the flows and narrative remain strong,” Kennis said.

“ETH ETF inflows have even been surpassing BTC flows over the last few days, and this is an interesting trend that has been picking up over the last few weeks,” he added.

On Monday, spot Ether exchange-traded funds (ETFs) recorded their biggest day of net inflows ever, with flows across all funds totalling $1.01 billion. 

On the same day, corporate Ether holdings surged to $13 billion as ETH’s price broke $4,300, with BitMine, SharpLink and The Ether Machine leading the charge.

Ether traders are divided on when all-time highs will come

Bitwise chief investment officer Matt Hougan recently said Ether treasury and holding companies have solved Ethereum’s narrative problem by packaging the digital asset in a way that traditional investors understand.

Kennis predicted Ether will reach new highs in the next few weeks or months, so long as the “flows remain bullish.”

Related: Ether ‘marching’ toward all-time highs as traders predict $13K ETH price

Some crypto traders speculated that it could come sooner. 

Crypto trader Ardizor said on Thursday, Ether “is set to hit ATH in days.” Just a week before, crypto trader Pentoshi said on Aug. 7, probably “new ATH in the very near future.”

Crypto betting platform Polymarket bettors indicate that a $5,000 ETH price is possible before the end of August, placing the odds at 65%. 

Meanwhile, sentiment platform Santiment said retail traders don’t believe Ether’s rally will last, but that doubt is actually helping push the price higher, as prices often move in the opposite direction to retail traders’ expectations. 

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This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.