- ETH will rally above $3K in September, per analyst.
Demand for ETH from U.S. investors was positive.
As a seasoned crypto investor with a penchant for Ethereum [ETH], I find myself buoyed by the optimistic forecast of market analyst Michael van de Poppe. His prediction that ETH will rally above $3K next month, based on historical trends and current market conditions, aligns closely with my own analysis and observations.
According to market analyst Michael van de Poppe, there’s a possibility that Ethereum [ETH] might recover from its recent drops and reach over $3,000 by the end of September.
Poppe pointed out that it had been over three months since ETH ended a day in the negative on multiple consecutive occasions, which last occurred prior to the 2018 bear market.
Considering the market trend seemed to be leaning towards a bull phase, Poppe felt it was likely that Ether (ETH) could potentially reach $3,000 by September with an estimated probability of over 80%.
“I think that the chance of $ETH being above $3,000 in September is larger than 80%.”
Will ETH reverse recent losses?
As a researcher analyzing the weekly Ethereum charts, I noticed that the recent sell-off has found support around the $2500 level, which historically has acted as a strong area of support. Interestingly, it took ETH approximately three weeks to rise from this level to around $3500 in both early 2022 and early 2024. This pattern suggests that we might see a similar trajectory moving forward.
At that time, the Stochastic RSI (Relative Strength Index) indicated an oversold condition, hinting at a possible price change or reversal.
Yet, for Ethereum (ETH) to target additional growth, it first needed to surpass the $3000 barrier and test its lows. Moreover, the demand for the leading altcoin has been on a downward trajectory, as evidenced by the falling weekly RSI.
The downtrend in demand would have to be broken if Poppe’s projection was to play out.
ETH demand remains positive
Investors based in the U.S. are displaying a growing interest in the altcoin, evidenced by the favorable Coinbase Premium Index.
The recent U.S. spot ETH ETFs saw some positive inflows last week as BlackRock’s ETHA eyed the $1B mark.
Historically, the surge in interest from U.S. investors has tended to align with Ethereum’s recovery or upward trends. As such, if the favorable Coinbase Premium persists, it may signal that Ethereum could experience another rise.
At the same time, traders in the Futures market were optimistic about the major altcoin, a sentiment reflected in the favorable Taker Buyer to Seller Ratio. This ratio measures the volume of buys relative to sells, providing insight into trader attitudes.
A positive reading meant that bullish sentiment was dominant at press time.
Read Ethereum’s [ETH] Price Prediction 2024-2025
If the favorable transactions recorded on the Ethereum network continue for the coming days, it might just be possible that Ethereum will reach or even surpass the $3,000 mark.
Despite ETH gas fees reaching all-time lows, which may indicate reduced network usage and potentially hinder swift recovery, this situation might only be temporary in the near future.
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2024-08-19 03:04