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Just like Bitcoin (BTC), Ethereum (ETH) Price Ethereum has been trading sideways quite noticeably lately. Due to this bearish trend, a well-known cryptocurrency analyst has provided some insights into Ethereum price action, predicting that in the next three months, the leading altcoin could see its price bottom out.
Ethereum Price Will Hit Lows By December
Benjamin Cowan, founder of ITC Crypto and a prominent cryptocurrency analyst, posted, YouTube video Discussing Ethereum price movements, highlighting the potential correlation between ETH price drop With unemployment rates rising in the United States.
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Historically, the unemployment rate within the United States tends to peak in December, and Ethereum has seen price at the bottom During the same month in both 2016 and 2019. With unemployment currently high in the United States, Cowan suggests that a continuation of this economic trend could lead to a peak in December 2024, which could coincide with the bottoming out of Ethereum’s price.
Over the past few months, the price of Ethereum has been on an upward trend. unusual downtrend, crash Bitcoin fell more than 20% in value earlier this year, falling below $3,000. The cryptocurrency has reversed Bitcoin price dropbleeding red almost immediately after the broader market turned bearish.
Despite the launch Ethereum Spot ETFsEthereum has failed to gain enough momentum to push its price back to its previous highs. Given the cryptocurrency’s steep downward trend, Cowan expects Ethereum to see a 50% drop soon.
While the analyst acknowledged that the expected decline may not be as severe as a 50% drop, he remains convinced that some degree of decline, even if mild, is possible. As a result, Cowan identified New Target for Ethereum Price By December, the leading cryptocurrency is expected to drop to $1,200 from its current value.
While drawing parallels between Etheruem price movements in 2019 and 2024, Cowan also suggested on X (formerly Twitter): mail ETH may temporarily drop below its recent level. formed a wedge pattern Before finding the price bottom. The analyst believes that after the price of Ethereum hits its bottom, the cryptocurrency may be on its way to a major rise. Price refund.
At the time of writing, CoinMarketCap data reveals that Ethereum is trading at $2,354, reflecting a slight increase of 1.26% in the last 24 hours.
Selling pressure on ETH is increasing
Amidst the price decline and broader market volatility, Ethereum has also seen Increase in selling pressureOn September 10, Lookonchain Reported MetaAlpha, a hedging and trading services company, has executed another major transaction with a deposit of 10,000 ETH tokens worth $23.45 million.
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Over the past four days, the company has moved a total of $33,589 worth of ETH, worth approximately $77.55 million, to the Binance cryptocurrency exchange in the past four days. Ethereum Foundationa non-profit organization that has been supporting the Ethereum ecosystem recently. Sold Another 100 ETH tokens, bringing the total ETH sold since January to 2,616 ETH.
Featured image created using Dall.E, chart from Tradingview.com
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