- ETH could see a relief rally in September.
However, losses in Q4 could be likely for the altcoin, per analyst.
As a seasoned analyst with over two decades of experience in traditional finance and the crypto space, I have seen my fair share of market cycles and trends. Based on the current state of Ethereum [ETH], it seems we are in for a brief relief rally in September, as suggested by renowned crypto analyst Benjamin Cowen. However, I must caution that losses in Q4 could be likely for the altcoin.
For more than a week now, the value of Ethereum (ETH) has remained steadily above $2500, which isn’t exciting news for cryptocurrency traders who thrive on market fluctuations. In simpler terms, the price stability is rather dull for traders who typically profit from crypto’s volatile swings.
According to well-known cryptocurrency expert Benjamin Cowen, Ethereum might see a short-term rebound in September, but could face additional declines in the last quarter of the year. This prediction is drawn from a pattern seen in Ethereum’s behavior back in 2016.
As a crypto investor, I’m closely watching the ETH/USD monthly candles, and they seem to be mirroring the pattern from 2016 remarkably. If this trend persists, it might indicate that Ethereum will experience growth in September. However, if history repeats itself, we could see a downturn from October through December.
What’s next for ETH price?
Yet, QCP Capital has expressed concern that ETH might fall further if the Federal Reserve significantly reduces its projections in September.
A significant decrease in Fed Chair Powell’s expectations for interest rates (a very optimistic Powell) might lead to a reversal of the recent two-week stock market surge, causing both Bitcoin (#BTC) and Ethereum (#ETH) to drop below their current support levels.
It’s worth noting that there’s been a diverse range of opinions about Ethereum within the crypto sphere for some time now. Both the ETH pessimists (bears) and optimists (bulls) have presented compelling cases regarding its future value, which has only added to its unpredictability.
However, Cowen pointed out that a strong ETH rally could be feasible in early 2025.
‘Then in 2025 #ETH turns green for a while.’
During this period, it’s been noted by Glassnode that Ethereum’s market share has decreased from 16.8% to 15.2%, a drop that occurred after the cryptocurrency market reached its lowest point at the end of 2022.
In the ecosystem, Ethereum, which ranks as the second most significant asset, has seen a drop in dominance by about 1.5%. Over the last two years, its position has remained fairly stable.
Instead, it’s worth noting that Bitcoin’s [BTC] influence has significantly increased, moving up from approximately 38% to more than 56%, during this timeframe. This trend could suggest a shift in investments toward the most prominent digital currency.
It’s intriguing to note that the approval of US ETFs for Ethereum didn’t significantly increase Ethereum’s market control. Despite the ETFs experiencing net outflows since their launch, primarily due to Grayscale’s ETHE outflows, BlackRock’s ETHA had a remarkable surge. In just a month, ETHA managed to accumulate $1 billion in net inflows.
ETH price analysis
Since the price drop on August 5th, there’s been an enhancement in demand according to the Relative Strength Index (RSI), moving away from the oversold region. Yet, the demand hasn’t surpassed typical levels, suggesting that the price surge might not be significantly powerful.
In simpler terms, two significant areas of potential support can be found at $2500 and $2300 during the short term. On the flip side, if the market sentiment becomes more positive, important near-term resistance levels to watch for are at $2.8k and $3k.
Read More
- DOGS PREDICTION. DOGS cryptocurrency
- SQR PREDICTION. SQR cryptocurrency
- LDO PREDICTION. LDO cryptocurrency
- METIS PREDICTION. METIS cryptocurrency
- CLOUD PREDICTION. CLOUD cryptocurrency
- STG PREDICTION. STG cryptocurrency
- KNINE PREDICTION. KNINE cryptocurrency
- JASMY PREDICTION. JASMY cryptocurrency
- UXLINK PREDICTION. UXLINK cryptocurrency
- ETH PREDICTION. ETH cryptocurrency
2024-08-22 14:16