For much of the past year, predictions were rife that Ethereum’s (ETH) price could reach five-digits. However, as Bitcoin (BTC) surged in 2024 while ETH lagged behind, market analysts have reassessed their forecasts. 

With ETH struggling to keep pace, expectations for a $6,000 price tag have now been tempered, and indicators show that it might be time to lower expectations this cycle.

Investors Favor Bitcoin Over Ethereum

In August, the Pi Cycle Top revealed that  Ethereum’s price could surpass $6,000 before the end of this bull market. Since then, several factors have shifted, making the initial prediction less attainable.

The Pi Cycle Top has historically been a reliable indicator of the highest price a cryptocurrency can reach within a specific period. It uses the 111-day Simple Moving Average (SMA) and the 350-day SMA to forecast this peak.

Currently, Ethereum’s price is at $2,603, but the 350-day SMA (purple line), which signals potential peak value, is now at $5,699. This suggests that ETH might struggle to surpass this price region in the near term, making further significant price increases more challenging.

Read more: How to Invest in Ethereum ETFs

This decline in Ethereum’s potential price increase could be linked to dwindling investor interest in the asset, especially when compared to Bitcoin.

For instance, Bitcoin ETFs have seen $1 billion in inflows within just three days this week, signaling strong institutional interest. In contrast, Ethereum ETFs only garnere

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Author: Victor Olanrewaju