Will Ethereum ETFs help ETH Reach a New ATH in 2024?

Will Kay, head of indexes at Kaiko, pointed out in a report Monday that "ETH prices may be particularly sensitive to early inflows into newly launched ETFs.

He cautioned that an overall understanding of demand may not become apparent for several months and it is unclear how initial product receipts may impact the asset.

Despite expectations of significant inflows into spot ETFs this year, traders on the Polymarket prediction market are less optimistic about the likelihood of ETH reaching a new all-time high thanks to these ETFs.

Prediction markets, which use geographically diverse consumer forecasts of future events, are theoretically less biased as participants consider “risk-on versus forecast.”

In Polymarket’s largest pool of predictions versus price movements for Etheriem, 55% of participants predict ETH could reach a new all-time high in 2024.

Approximately 30% believe ETH could exceed $4,600 by the fourth quarter.

In a separate pool, forecasters are betting on a less than 43% chance ETH will exceed $3,500 by July 26.