Advertise
Vignesh S G
Vignesh S G
Author
- Oct 10, 2024 10:37 UTC
-
Ethereum Price Prediction for Q4: Is the Bottom Near?
Ethereum has been in a consistent downtrend since June 2024 when it dropped below $3,400.
The MVRV Momentum indicator suggests that this downtrend began after the price fell below the $3,400 range.
Ethereum has struggled to maintain higher price levels and has continued to decline.
On June 1, Ethereum’s price was around $3,815, climbing to a monthly high of $3,865.77 by June 5. However, between June 6 and June 11, the price dropped sharply from $3,865.39 to $3,497. In the weeks that followed, it mostly fluctuated between $3,470 and $3,654 until June 24, when it fell below the crucial level of $3,400 – since then, it’s been a downward spiral.
Crypto expert Ali’s recent analysis on X has added fuel to the fire, suggesting that the market may be headed for even rougher waters. Let’s dive in.
Analyzing the Great Ethereum Fall
Ali used the MVRV Momentum indicator, a popular tool for measuring market value compared to realized value. His analysis shows that the downtrend in Ethereum started after it fell below $3,400 in June.
Since that dip, Ethereum has struggled to regain higher price levels. In late July, it peaked at $3,536, but then dropped to a low of $3,176 on July 25. August was particularly challenging, with the market plummeting from $3,232 to $2,343 between August 1 and 7. In September, another major decline occurred from September 3 to 6, where the price fell from $2,537 to $2,225.
Fortunately, on September 17, strong buying pressure emerged, helping the market recover to a monthly high of $2,694.
Ethereum’s Market Analysis
October started with volatility, featuring two consecutive large red candlesticks. On October 3, the price fell to a low of $2,349. Although the market attempted to recover between October 4 and 8, it experienced another sharp decline on October 9, when the price dropped from $2,440 to $2,370 in just one day. As of now, Ethereum’s price stands at $2,380.
The expert’s analysis raises important questions about the future of the Ethereum market: will it continue to decline in the coming days?
What’s Next for Ethereum Price?
In conclusion, Ali’s observations raise significant concerns about Ethereum’s future prospects. Last year, the market recorded an impressive return of +36.5% in Q4.
Historically, Ethereum has achieved positive returns in Q4 at least five times since 2015, with a remarkable +151% return in 2017. Many investors are hopeful for a similar performance this year. Will Ethereum meet these expectations? Only time will tell!
Can Ethereum defy the odds and stage a comeback? Tell us what you think.
Yes 
No 
