So far in 2024, Ethereum Price Performance Ethereum has failed to live up to market expectations. Instead of rising alongside Bitcoin to all-time highs as expected, it stalled and failed to claim $4,000 even at its peak. Now, as Q3 kicks into full gear, Ethereum’s price may still be far from any new all-time highs, as this has historically been the worst quarter for the second-largest cryptocurrency by market cap.
How Ethereum Is Advancing in Q3
The third quarter of the year, which consists of the months of July, August and September, has been consistently bearish for the price of Ethereum. We see this from the data It was submitted. On Coinglass, which has been tracking the altcoin’s monthly returns since its launch in 2016.
While the average return in most other months has been fairly high, these three months record some of the lowest numbers, with more red months than green months completed in the third quarter over the years.
To put this into perspective, July has ended in the green only three times in the past nine years, with six months in the negative. August has followed the same trend, with six months in the negative and three months in the green. September, in the eight years so far, has ended in the red five times, compared to just three times in the green. As a result, the average monthly returns for these months are +5.51%, +6.98%, and -7.67%. The median returns are all negative across the board.
These performances show that Q3 has consistently been the most bearish. In contrast, Ethereum recorded its best returns in Q1, followed closely by Q2. So, as the year comes to a close, the more people are looking to buy Ethereum, the more people are looking to buy it. Ethereum price drop It happens.
What to expect from here
Looking at historical data and assuming that Ethereum price will maintain this trend, the altcoin may not see any significant recovery from here until the end of the year. The data suggests that September could turn out to be worse with more losses.
However, entering the last quarter of the year may bring some relief to investors as prices may rise again. But for real gains, it may take months until the first quarter of 2025, when Ethereum’s price is known to be making its best returns.
Additionally, if this pattern is correct, then Ethereum price Bitcoin could hit an all-time high by Q2 2025. This would put it above $5,000, indicating a 2x upside from here.
Featured image created using Dall.E, chart from Tradingview.com
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