Ethereum has less than a 10% chance of reaching $5,000 by the end of the year, according to Derive

According to a report from Derive, the likelihood of Ethereum (ETH) reaching the $5,000 mark by the end of the year is currently estimated to be below 10%. The cryptocurrency market is going through a tough phase with significant price corrections of many coins. This has led to uncertainty among the investor community, causing many to worry about ETH's price recovery in the short term. In fact, ETH has dropped more than 20% from its peak of around $4,867 in mid-November and is facing downward pressure amidst overall market volatility.

Additionally, although some technical data and indicators suggest the possibility of recovery in the future, such as the descending wedge pattern signaling an upward trend, the overall short-term outlook remains low due to unstable market sentiment. With factors such as a decline in trading volume and the accumulation of large investors, all these elements support the assertion that reaching $5,000 for ETH by the end of the year is quite challenging.