Until now in 2024, the Ethereum Price Performance Ethereum’s price has not lived up to market expectations. Instead of rallying alongside Bitcoin to new all-time highs as expected, it stagnated and failed to reach $4,000 even at the peak of its rally. Now, with Q3 in full swing, Ethereum’s price may still be far from reaching new all-time highs, given that it has historically been the worst quarter for the market. The second largest cryptocurrency by market capitalization.
How is Ethereum doing in Q3?
The third quarter of the year, which consists of the months of July, August, and September, has always been quite bearish for the price of Ethereum. We see this in the data presented on the Coinglass website, which tracks monthly returns of The altcoin since its launch in 2016.
While the average performance for most other months has been quite high, these three months record some of the lowest numbers, with more red months compared to green months completed in the third quarter over the years.
To put this into perspective, in its nine years, the month of July has ended in the green only 3 times, with 6 negative months. August has also followed the same trend, with six negative months and 3 green months. September, in eight years so far, has come out in the red 5 times compared to only 3 times in the green. As a result, the average monthly returns for these months are +5.51%, +6.98% and -7.67%. Then, the median returns all came out negative across the board.
These results show that the third quarter of the year has always been the most bearish. In contrast, Ethereum has recorded its best returns in the first quarter of the year, closely followed by the second quarter. Therefore, as the year draws to a close, the more Ethereum price bearish gets.
What to expect from here
According to historical data and assuming that the price of Ethereum maintains this trend, then the altcoin We may not see any significant recovery From here and towards the end of the year, the data suggest that September could turn out to be even worse, with further losses.
However, the last quarter of the year could bring some relief for investors as prices could rise again. But for real gains, that could take months, until the first quarter of 2025, when Ethereum price is known to have achieved its best returns.
Furthermore, if this pattern continues, then The price of Ethereum It could reach a new all-time high in Q2 2025. This would put it above $5000, indicating a 2x increase from here.
Featured image created with Dall.E, chart from Tradingview.com
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