Ethereum

bullish

2024

<ul> 
 <li aria-level="1">Market analyst Michael van de Poppe predicts Ethereum could climb above $3,000 in September, exceeding 80% likelihood.</li> 
 <li aria-level="1">Historical data shows Ethereum typically recovers to higher levels within three weeks after finding support at $2,500.</li> 
</ul> 
Ethereum (ETH) is positioned to potentially rise above $3,000 in the coming month, according to market analyst Michael van de Poppe. 
 This prediction follows a period of declines, aligning with historical patterns that suggest a potential rebound. 
Van de Poppe <a href="https://x.com/CryptoMichNL/status/1824823503779991838">highlights</a> that Ethereum has not seen a consecutive three-month decline since before the 2018 bear market. With current market indicators suggesting a bullish phase, he estimates over an 80% chance that Ethereum could reach or exceed $3,000 by September. 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 There's only one occasion where <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a> has been making more than three monthly candles in red. 
 It was the start of the bear market in 2018. 
 I think that the chance of <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a> being above $3,000 in September is larger than 80%. <a href="https://t.co/deUgSGfqkR">pic.twitter.com/deUgSGfqkR</a> 
 — Michaël van de Poppe (@CryptoMichNL) <a href="https://twitter.com/CryptoMichNL/status/1824823503779991838?ref_src=twsrc%5Etfw">August 17, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
Examining the weekly charts, Ethereum’s recent price drop found support near $2,500. Historically, Ethereum has taken about three weeks to climb to $3,500, with similar trends observed in early 2022 and early 2024. 
<figure id="attachment_87687" aria-describedby="caption-attachment-87687" style="width: 100%" class="wp-caption aligncenter">
 <img loading="lazy" decoding="async" class="size-full wp-image-87687" src="https://www.ethnews.com/wp-content/uploads/2024/08/ETHUSDT_2024-08-18_14-05-22-e1724028010453.png" alt="ETHUSDT_2024-08-18_14-05-22" width="1950" height="871">
 <figcaption id="caption-attachment-87687" class="wp-caption-text">
 Source: tradingview
 </figcaption>
</figure> 
Moreover, the Stochastic RSI, a measure of price momentum, indicates that Ethereum is currently oversold, suggesting an impending price reversal. 
For Ethereum’s price to continue its recovery, it must surpass the $3,000 resistance level and maintain higher lows, which would indicate a reversal of the current downtrend. Despite a decline in demand as evidenced by a dropping weekly RSI, the U.S. market shows strong investor interest. 
<figure id="attachment_87691" aria-describedby="caption-attachment-87691" style="width: 100%" class="wp-caption aligncenter">
 <img loading="lazy" decoding="async" class="wp-image-87691 size-full" title="Ethereum-Coinbase-Premium-Index-" src="https://www.ethnews.com/wp-content/uploads/2024/08/Ethereum-Coinbase-Premium-Index-.png" alt="Ethereum-Coinbase-Premium-Index-" width="2048" height="1152">
 <figcaption id="caption-attachment-87691" class="wp-caption-text">
 Source: CryptoQuant
 </figcaption>
</figure> 
The positive Coinbase Premium Index reflects <a href="https://www.ethnews.com/ethereum-investors-rejoice-layer-2-surge-could-mean-massive-profits/">increased demand for Ethereum</a> among U.S. investors. Additionally, the recent U.S. spot ETH ETFs have seen positive inflows, with BlackRock’s ETHA nearing the $1 billion mark. Historically, such demand from U.S. investors has been associated with periods of recovery or rallies in Ethereum’s price. 
<figure id="attachment_87695" aria-describedby="caption-attachment-87695" style="width: 100%" class="wp-caption aligncenter">
 <img loading="lazy" decoding="async" class="wp-image-87695 size-full" title="Ethereum-Taker-Buy-Sell-Ratio-All-Exchanges-" src="https://www.ethnews.com/wp-content/uploads/2024/08/Ethereum-Taker-Buy-Sell-Ratio-All-Exchanges-.png" alt="Ethereum-Taker-Buy-Sell-Ratio-All-Exchanges-" width="2048" height="1152">
 <figcaption id="caption-attachment-87695" class="wp-caption-text">
 Source: CryptoQuant
 </figcaption>
</figure> 
Futures market data also reflects a bullish sentiment, with the Taker Buyer Sell Ratio showing more buying than selling volume, suggesting that bullish sentiment predominates. 
<h2 id="b-despite-these-positive-signs-ethereum-faces-challenges-b">Despite these positive signs, Ethereum faces challenges</h2> 
The <a href="https://www.ethnews.com/could-this-be-the-best-time-to-transact-on-ethereum-gas-fees-say-yes/">record low gas fees</a> indicate reduced network activity, which could undermine the strength of a potential recovery. 
<figure id="attachment_87703" aria-describedby="caption-attachment-87703" style="width: 100%" class="wp-caption aligncenter">
 <img loading="lazy" decoding="async" class="wp-image-87703 size-full" title="glassnode-studio_eth-net-unrealized-profit-loss-nupl" src="https://www.ethnews.com/wp-content/uploads/2024/08/glassnode-studio_eth-net-unrealized-profit-loss-nupl.webp" alt="glassnode-studio_eth-net-unrealized-profit-loss-nupl" width="1800" height="1013">
 <figcaption id="caption-attachment-87703" class="wp-caption-text">
 Fuente: Glassnode
 </figcaption>
</figure> 
Furthermore, the Net Unrealized Profit/Loss (NUPL) indicator is nearing the fear zone, signaling increasing caution among investors and a potential price reversal. 

<div class="cryptoboxes" id="mcw-12523" data-realtime="on">
 <div class="mcw-chart mcw-chart-light" data-font="inherit" data-chartcoin="ETH" data-chartcurrency="USD" data-chartrate="1.000268" data-charttype="chart" data-chartview="day" data-charttheme="light" data-chartsmooth="true" data-chartareacolor="" data-chartbgcolor=""></div>
</div> 
As Ethereum trades around $2,651, just below the $2,681 resistance level, its ability to sustain a breakout above this threshold remains uncertain. 
 The combination of reduced funding rates and the NUPL indicator nearing the fear zone underscores the market’s unease, which could stifle a significant price recovery. 
Overall, while there is a robust case for Ethereum’s potential rise to $3,000 and beyond, it must first overcome several technical and sentiment-driven hurdles. 
<figure id="attachment_87699" aria-describedby="caption-attachment-87699" style="width: 100%" class="wp-caption aligncenter">
 <img loading="lazy" decoding="async" class="size-full wp-image-87699" src="https://www.ethnews.com/wp-content/uploads/2024/08/eth-oi.webp" alt="eth-oi" width="1716" height="401">
 <figcaption id="caption-attachment-87699" class="wp-caption-text">
 Fuente: Coinglass
 </figcaption>
</figure> 
Ethereum’s path will likely be influenced by both its <a href="https://www.ethnews.com/why-ethereum-might-be-headed-for-a-sharp-decline-expert-analysis-inside/">on-chain activity</a> and broader investor sentiment. 
The post <a href="https://www.ethnews.com/ethereums-unexpected-turnaround-could-it-hit-record-highs-in-september/">Ethereum’s Unexpected Turnaround: Could It Hit Record Highs in September?</a> appeared first on <a href="https://www.ethnews.com">ETHNews</a>.

Ethereum’s Unexpected Turnaround: Could It Hit Record Highs in September?

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