{"id":5256,"date":"2024-09-10T16:30:24","date_gmt":"2024-09-10T16:30:24","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=5256"},"modified":"2024-09-10T16:30:24","modified_gmt":"2024-09-10T16:30:24","slug":"ethereum-in-3-months-legendary-analyst-reveals-prediction-for-december","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=5256","title":{"rendered":"Ethereum In 3 Months: Legendary Analyst Reveals Prediction For December"},"content":{"rendered":"

Much like Bitcoin (BTC), the price of Ethereum (ETH)<\/a> has been trading significantly sideways lately. Due to this downtrend, a legendary crypto analyst has offered some insights into Ethereum\u2019s price movements, predicting that in the next three months, the pioneer altcoin could see its price hit a bottom.\u00a0<\/p>\n

Ethereum To Hit Price Bottom By December<\/h2>\n

Benjamin Cowen, the founder of ITC Crypto and a prominent crypto analyst, has published a YouTube video<\/a> discussing Ethereum\u2019s price movements, highlighting a potential correlation between ETH\u2019s price declines<\/a> with the rising United States (US) unemployment rates.\u00a0<\/p>\n

Historically, the rate of unemployment within the US tends to peak in the month of December, and Ethereum has experienced a price bottom<\/a> during the same month in both 2016, and 2019. With the unemployment rate currently rising in the US, Cowen suggests that a continuation of this economic trend could lead to a peak in December 2024, potentially coinciding with a price bottom for Ethereum.<\/p>\n

For the past few months, the price of Ethereum has been on an unusual downward trend<\/a>, crashing<\/a> by over 20% earlier this year and dipping below $3,000. The cryptocurrency had mirrored Bitcoin\u2019s price declines<\/a>, bleeding red almost immediately after the broader market turned bearish.\u00a0<\/p>\n

Despite the launch of Spot Ethereum Exchange Traded Funds (ETFs)<\/a>, ETH has failed to gain enough momentum to propel its price to previous highs. Considering the cryptocurrency\u2019s extensive decline trend, Cowen predicts that Ethereum could witness a 50% decline soon.\u00a0<\/p>\n

Although the analyst did concede that the projected decline might not be as severe as a 50% drop, he remains convinced that some degree of decline, even if mild, is probable. As a result, Cowen has set a new target for Etheruem\u2019s price<\/a> by December, predicting that the pioneer cryptocurrency could see its price dropping to $1,200 from its current value.\u00a0<\/p>\n

While drawing parallels between Etheruem\u2019s price actions in 2019 and 2024, Cowen further suggested in an X (formerly Twitter) post<\/a> that ETH might temporarily fall below its recently formed a wedge pattern<\/a> before finding a price bottom. The analyst believes that after Ethereum hits its price bottom, the cryptocurrency could be on the road to a significant price recovery.<\/a>\u00a0<\/p>\n

As of writing, CoinMarketCap\u2019s data reveals that Ethereum\u2019s price is trading at $2,354, reflecting a slight uptick of 1.26% in the last 24 hours.\u00a0<\/p>\n

Selling Pressures Increase For ETH<\/h2>\n

Amidst price declines and broader market volatility, Ethereum has also been experiencing an increase in selling pressures<\/a>. On September 10, Lookonchain reported<\/a> that MetaAlpha, a hedging and trading service company, had executed another major transaction in a deposit of 10,000 ETH tokens valued at $23.45 million.<\/p>\n

Over the past four days, the company has moved a total of $33,589 ETH, worth about $77.55 million, to the Binance crypto exchange in the past four days. Meanwhile, the Ethereum Foundation<\/a>, a non-profit organization supporting the Ethereum ecosystem recently sold<\/a> another 100 ETH tokens, bringing its total ETH sales since January to 2,616 ETH.\u00a0<\/p>","protected":false},"excerpt":{"rendered":"

Much like Bitcoin (BTC), the price of Ethereum (ETH) has been trading significantly sideways lately. Due to this downtrend, a legendary crypto analyst has offered some insights into Ethereum\u2019s price movements, predicting that in the next three months, the pioneer altcoin could see its price hit a bottom.\u00a0 Ethereum To Hit Price Bottom By December […]<\/p>\n","protected":false},"author":0,"featured_media":5257,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-5256","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/5256"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=5256"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/5256\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/5257"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=5256"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=5256"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=5256"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}