While Bitcoin (BTC) broke record after record in the past period, Ethereum (ETH) fell behind BTC with its weak performance. However, ETH has recently made a big push and is close to exceeding its 2021 ATH. While the rally in Ethereum was interrupted by the US PPI data released yesterday, expectations for a new ATH continue to increase in the market. However, one analyst said that although ETH is only a few hundred dollars away from its new ATH, it could be weeks or months before a new record is reached. At this point, Nansen analyst Jake Kennis said that it may take some time for the new ATH in the face of Ethereum's rapid gain in value in a short time. According to the analyst, ETH holders may have to wait weeks or even months before reaching new record highs. “Given Ethereum's close proximity to its previous ATH and the massive rally in such a short timeframe, we may be consolidating for a while towards the new ATH.” The analyst explained that the delay in reaching the ATH was due to the recent increase in volatility and the rapid rise in ETH's price in a short period of time. He added that for the price to continue rising and reach the new ATH, ETH may need to gain strength and consolidate slightly. Kennis stated that while he expects consolidation in the short term, he doesn't anticipate a decline in Ethereum in the medium to long term, but rather an upward trend. He stated that as long as institutional investor interest and ETF inflows remain strong, the upward momentum will continue. “Ethereum ETF inflows have even surpassed BTC inflows in recent days. At this point, as long as flows and rhetoric in ETH remain strong, the rise will continue,” Kennis said. While Ethereum is generally expected to continue its upward trend, investors on Polymarket, the largest betting platform, are predicting a $5,000 ETH price by the end of August. Polymarket predicts a 55% chance of the ETH price reaching $5,000 by the end of August, while a 78% chance of exceeding $4,800 is predicted. *This is not investment advice. Continue Reading: Ethereum (ETH) Investors Attention! Analyst Warns: "Reaching New ATH May Take Weeks, Months!"
