Ethereum (ETH) has approached its all-time high of $4,878 from 2021 but remains under pressure due to competition with high-performing tech stocks and subdued trading momentum. Analysts suggest that ETH's price trajectory will depend on macroeconomic factors, such as Federal Reserve rate cuts, geopolitical stability, and the adoption of spot Ethereum ETFs. While ETH shows potential for growth driven by DeFi, layer-2 solutions, and institutional interest, hitting new highs in 2024 is considered unlikely by many traders, with options markets giving it around a 10% chance. Current estimates suggest ETH may rally but face resistance before testing record levels.