Ethereum

Reserve

Future

bullish

<h2 id="key-points">Key Points</h2> 
<ul> 
 <li>Ethereum’s price may experience a brief recovery in September before potential losses in Q4.</li> 
 <li>Despite recent improvements in demand, Ethereum’s market dominance has seen a decline.</li> 
</ul>  
<p>Crypto analyst Benjamin Cowen suggests that Ethereum might see a brief recovery in September. However, the altcoin could potentially face losses in the fourth quarter of the year. </p> 
<h2 id="ethereum-s-future-performance">Ethereum’s Future Performance</h2> 
<p>Cowen’s prediction is based on a pattern observed in Ethereum’s performance back in 2016. He suggests that Ethereum could see green in September, followed by a red October to December. </p> 
<p>However, QCP Capital warns that Ethereum might drop even lower if the Federal Reserve makes a significant downward revision in September. This has led to mixed views on Ethereum’s future within the crypto community, with arguments from both bear and bull camps. </p> 
<h2 id="ethereum-s-market-dominance">Ethereum’s Market Dominance</h2> 
<p>In the meantime, data from Glassnode shows that Ethereum’s market dominance has decreased from 16.8% to 15.2% since the crypto market bottomed in late 2022. </p> 
<p>This contrasts with the market dominance of <a href="https://coineagle.com/price/bitcoin/">Bitcoin</a>, which has surged from 38% to over 56% in the same period. This could suggest a possible capital rotation towards Bitcoin. </p> 
<p>Interestingly, the approval of US spot Ethereum ETFs did not boost Ethereum’s market dominance. Despite net outflows from the ETFs since their debut, BlackRock’s ETHA experienced $1B in net inflows within a month. </p> 
<h2 id="price-analysis">Price Analysis</h2> 
<p>On the price charts, Ethereum’s demand has improved since the dump on August 5th. The RSI (Relative Strength Index) has risen from the oversold territory, indicating this improvement. However, the demand was not above average, suggesting a lack of strong momentum for the price. </p> 
<p>As such, key short-term support levels to watch are $2500 and $2300. If sentiment improves, $2.8k and $3k could be crucial short-term bullish targets.</p>

Ethereum’s 2016 Trend Resurfaces: Could ETH Prices Further Dip?

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CoinEagle.com

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