Ethereum In 3 Months: Legendary Analyst Reveals Prediction For December
10 Septiembre 2024 - 11:30AM
NEWSBTC
Much like Bitcoin (BTC), the price of Ethereum (ETH) has been
trading significantly sideways lately. Due to this downtrend, a
legendary crypto analyst has offered some insights into Ethereum’s
price movements, predicting that in the next three months, the
pioneer altcoin could see its price hit a bottom. Ethereum To
Hit Price Bottom By December Benjamin Cowen, the founder of ITC
Crypto and a prominent crypto analyst, has published a YouTube
video discussing Ethereum’s price movements, highlighting a
potential correlation between ETH’s price declines with the rising
United States (US) unemployment rates. Related Reading:
Ethereum Forms Falling Wedge Pattern That Could Send Price To
$3,000 Historically, the rate of unemployment within the US tends
to peak in the month of December, and Ethereum has experienced a
price bottom during the same month in both 2016, and 2019. With the
unemployment rate currently rising in the US, Cowen suggests that a
continuation of this economic trend could lead to a peak in
December 2024, potentially coinciding with a price bottom for
Ethereum. For the past few months, the price of Ethereum has been
on an unusual downward trend, crashing by over 20% earlier this
year and dipping below $3,000. The cryptocurrency had mirrored
Bitcoin’s price declines, bleeding red almost immediately after the
broader market turned bearish. Despite the launch of Spot
Ethereum Exchange Traded Funds (ETFs), ETH has failed to gain
enough momentum to propel its price to previous highs. Considering
the cryptocurrency’s extensive decline trend, Cowen predicts that
Ethereum could witness a 50% decline soon. Although the
analyst did concede that the projected decline might not be as
severe as a 50% drop, he remains convinced that some degree of
decline, even if mild, is probable. As a result, Cowen has set a
new target for Etheruem’s price by December, predicting that the
pioneer cryptocurrency could see its price dropping to $1,200 from
its current value. While drawing parallels between Etheruem’s
price actions in 2019 and 2024, Cowen further suggested in an X
(formerly Twitter) post that ETH might temporarily fall below its
recently formed a wedge pattern before finding a price bottom. The
analyst believes that after Ethereum hits its price bottom, the
cryptocurrency could be on the road to a significant price
recovery. As of writing, CoinMarketCap’s data reveals that
Ethereum’s price is trading at $2,354, reflecting a slight uptick
of 1.26% in the last 24 hours. Selling Pressures Increase For
ETH Amidst price declines and broader market volatility, Ethereum
has also been experiencing an increase in selling pressures. On
September 10, Lookonchain reported that MetaAlpha, a hedging and
trading service company, had executed another major transaction in
a deposit of 10,000 ETH tokens valued at $23.45 million. Related
Reading: Crypto Analyst Predicts Dogecoin Will Rise 3,600% To $3.7,
Here’s When Over the past four days, the company has moved a total
of $33,589 ETH, worth about $77.55 million, to the Binance crypto
exchange in the past four days. Meanwhile, the Ethereum Foundation,
a non-profit organization supporting the Ethereum ecosystem
recently sold another 100 ETH tokens, bringing its total ETH sales
since January to 2,616 ETH. Featured image created with
Dall.E, chart from Tradingview.com
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