Derive Report: The possibility of Ethereum reaching $5000 by the end of the year is less than 10%

According to reports, the on-chain options protocol Derive stated that despite a large influx of funds into spot Ethereum ETFs suggesting an impending "supply-side crisis", data shows that the likelihood of Ethereum reaching $5,000 by the end of 2024 is less than 10%. Sean Dawson, Director of Research at Derive, pointed out in a market report on December 10th that the probability of Ethereum's price reaching $5,000 before December 27th had once climbed to a peak of 16%, but has recently been adjusted to slightly above 8%.

As shown by CoinMarketCap, Ethereum needs to rise by 37% from its current price of $3,669 to reach $5,000. Dawson also said that "the distribution of bullish and bearish trades for ETH is even, indicating neutral market sentiment."