The Ethereum Price Forecast for This Year
In 2024, the Ethereum price performance has not met market expectations, failing to rally alongside Bitcoin to new all-time highs. The price has struggled to surpass $4,000 even during its peak moments. As we enter the third quarter, it seems unlikely for Ethereum to reach any new all-time highs, especially considering that historically, this has been the worst quarter for the second-largest cryptocurrency by market cap.
How Ethereum Performs in the Third Quarters
The third quarter, covering July, August, and September, has traditionally been bearish for the Ethereum price based on data from Coinglass, tracking monthly returns for the altcoin since 2016. Here are some key points to consider:
- July has seen green only 3 times in nine years, with 6 negative months.
- August has had a similar trend, with six negative months and 3 green months.
- September has been in the red 5 times out of eight, with only 3 green months.
- The average monthly returns for these months are +5.51%, +6.98%, and -7.67%, respectively.
Overall, these statistics indicate that the third quarter of the year tends to be the most bearish for Ethereum, while the first and second quarters usually show better returns. This suggests that as the year progresses, the Ethereum price may continue to face downward pressure.
What Lies Ahead for Ethereum Price
Based on historical data, it is possible that Ethereum may not see a significant recovery in the near term and could experience further losses. Here are some insights on what to expect:
- September might turn out to be even worse for Ethereum, with more potential losses.
- While the last quarter of the year could bring some relief, significant gains may not materialize until the first quarter of 2025.
- If the current pattern persists, Ethereum could potentially reach a new all-time high by the second quarter of 2025, surpassing $5,000 and marking a 2x increase from current levels.
Hot Take: Navigating the Ethereum Price Performance in 2024
As we evaluate the Ethereum price performance for this year, it’s essential to analyze historical trends and market dynamics to make informed decisions regarding your crypto investments. While the current outlook may seem bearish, potential opportunities for growth could arise in the future quarters. Stay updated on the latest market developments and consider your investment strategy accordingly to navigate the volatility in the cryptocurrency space.
By
By
By