Ethereum

Bitcoin

Ether (<a data-ct-non-breakable="null" href="https://cointelegraph.com/ethereum-price" rel="noopener noreferrer nofollow" target="null" text="null" title="https://cointelegraph.com/ethereum-price">ETH</a>) price has struggled to gain upside momentum since the start of 2024. Is Ether really a contrarian bet for 2024, or could it still stage an upside rally?
<h2 id="ethereum-is-a-contrarian-bet-through-q4">Ethereum is a “contrarian bet” through Q4</h2>
According to <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/wealth-advisers-adopting-bitcoin-etfs-faster-history-bitwise-cio" rel="noopener noreferrer nofollow" target="_self" text="null" title="https://cointelegraph.com/news/wealth-advisers-adopting-bitcoin-etfs-faster-history-bitwise-cio">Matt Hougan</a>, Bitwise Asset Management’s chief investment officer (CIO), Ethereum could be the underdog headed into 2025.
Hougan noted that Ether has been struggling, particularly after <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/ethereum-40-month-low-bitcoin-bottom" rel="noopener noreferrer nofollow" target="null" text="null" title="null">ETH hit an over 42-month low</a> against Bitcoin (<a data-ct-non-breakable="null" href="https://cointelegraph.com/bitcoin-price" rel="noopener noreferrer nofollow" target="null" text="null" title="null">BTC</a>) on Sept. 16.
While he remains optimistic about Ether, he noted that price action may remain sluggish for the rest of the year. Hougan <a data-ct-non-breakable="null" href="https://experts.bitwiseinvestments.com/cio-memos/a-contrarian-bet-on-ethereum" rel="noopener noreferrer nofollow" target="_blank" text="null" title="https://experts.bitwiseinvestments.com/cio-memos/a-contrarian-bet-on-ethereum">wrote</a> in a Sept. 17 blog post:
<blockquote>
 “From my seat, none of Ethereum’s challenges seem existential, and its opportunities are brimming. I suspect the market may reevaluate Ethereum as we get closer to the November elections and any regulatory clarity that emerges. For now, it looks like a potential contrarian bet through the end of the year.”
</blockquote>
Moreover, Hougan notes that Ether’s biggest rival, Solana (<a data-ct-non-breakable="null" href="https://cointelegraph.com/solana-price-index" rel="noopener noreferrer nofollow" target="_self" text="null" title="https://cointelegraph.com/solana-price-index">SOL</a>), is up 38% year-to-date (YTD), while Ether remains flat. However, <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/solana-ethereum-sol-price-continues-slump-bitcoin" rel="noopener noreferrer nofollow" target="null" text="null" title="null">Solana’s price has</a> also been struggling against Bitcoin, with some analysts believing that it will follow Ether’s downtrend.
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-3-month-historic-rally-analysts-92k-btc" rel="noopener noreferrer nofollow" target="null" text="null" title="null">Bitcoin set for 3-month historic rally as analysts eye $92K BTC</a>
<h2 id="eth-price-headed-for-more-downside-before-2025">ETH price headed for more downside before 2025?</h2>
Ether could see more downside in the shorter term, according to pseudonymous crypto trader GGG, who <a data-ct-non-breakable="null" href="https://x.com/ggg_crypto/status/1836672937752953280/photo/1" rel="noopener noreferrer nofollow" target="null" text="null" title="null">wrote</a> in a Sept. 19 X post:
<blockquote>
 “I think we are in a similar spot on $ETH as on the left box. Bear market rally then nuke lower is my guess for now.”
</blockquote>
<figure><img alt="Ethereum is a 'contrarian bet' into 2025, says Bitwise exec&nbsp;" name="" src="https://s3.cointelegraph.com/uploads/2024-09/01920aa0-ef80-7cef-a678-e92f16492593">
 <figcaption style="text-align: center;">
 ETH/USDP, 1-week chart. Source: GGG
 </figcaption>
</figure>
Additionally, the <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/grayscale-transfers-1b-eth-coinbase-ahead-ether-etf-launch" rel="noopener noreferrer nofollow" target="null" text="null" title="https://cointelegraph.com/news/grayscale-transfers-1b-eth-coinbase-ahead-ether-etf-launch">debut of the first Ethereum</a> exchange-traded funds in July had little positive impact, with net negative flows and ETH price down nearly 30% since.
But if ETH price falls further, the next correction could culminate into a triple bottom chart formation, which could lead to the next Ether rally during the fourth quarter of 2024, <a data-ct-non-breakable="null" href="https://x.com/CryptoBullet1/status/1836034978020253903/photo/1" rel="noopener noreferrer nofollow" target="null" text="null" title="null">noted</a> popular analyst Crypto Bullet in a Sept. 17 X post:
<blockquote>
 “ETH 2021 vs ETH 2024. Same triple bottom? Looks pretty similar so far.”
</blockquote>
<figure><img alt="Ethereum is a 'contrarian bet' into 2025, says Bitwise exec&nbsp;" name="" src="https://s3.cointelegraph.com/uploads/2024-09/01920aa1-6314-7ecd-ae11-9101bce3578a">
 <figcaption style="text-align: center;">
 Ether triple bottom, 2021 vs 2024 chart. Source: Crypto Bullet
 </figcaption>
</figure>
On the 3-day chart, Ether price is retesting its 700-day accumulation range, which acts as a significant support around $2,200, <a data-ct-non-breakable="null" href="https://x.com/inmortalcrypto/status/1836045303541047616/photo/1" rel="noopener noreferrer nofollow" target="null" text="null" title="null">wrote</a> crypto trader Inmortal, in a Sept. 17 X post:
<figure><img alt="Ethereum is a 'contrarian bet' into 2025, says Bitwise exec&nbsp;" name="" src="https://s3.cointelegraph.com/uploads/2024-09/01920aa3-9ccd-7186-85e9-12cafc75cf11">
 <figcaption style="text-align: center;">
 ETH/USDT, 3-day chart. Source: Inmortal&nbsp;
 </figcaption>
</figure>
To gain more upside momentum, Ether’s price needs to remain above this key long-term support level.
According to CoinGlass data, a potential Ether price decline below $2,200 would trigger over $1 billion worth of leveraged short liquidations across all exchanges.
<figure><img alt="Ethereum is a 'contrarian bet' into 2025, says Bitwise exec&nbsp;" name="" src="https://s3.cointelegraph.com/uploads/2024-09/01920ae2-3fa1-7cf1-adda-be36ff2cdbc2">
 <figcaption style="text-align: center;">
 ETH Exchange Liquidation Map. Source: CoinGlass
 </figcaption>
</figure>
Ether price could also gain more momentum as Bitcoin starts the parabolic phase of the bull cycle. Based on historical chart patterns and Bitcoin’s average monthly returns for the year’s fourth quarter, some analysts predict a three-month Bitcoin <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-3-month-historic-rally-analysts-92k-btc" rel="noopener noreferrer nofollow" target="_self" text="null" title="https://cointelegraph.com/news/bitcoin-3-month-historic-rally-analysts-92k-btc">rally to $92,000</a>, which could start in October.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Ethereum is a 'contrarian bet' into 2025, says Bitwise exec

Table of Contents

Cointelegraph

Other articles published on Sep 19, 2024

TON Foundation Partners with Curve Finance to Launch Stablecoin Swap Project

Miners’ Energy Consumption Grows Despite Reduced Profit After Halving

Hedera Joins MiCA Crypto Alliance with Ripple and Aptos, Launches Asset Tokenization Studio

Bitgert Price Target: How High Could BRISE Go by 2025?

Artificial Superintelligence Alliance (FET) gains 75% in a month — Here is why

Vega Protocol to Wind Down Vega Blockchain Operations, New Project Underway

Join our free newsletter for daily crypto updates!