Will Ethereum hit $3,000 in September? Analysts bet the odds are 80%

Ethereum could be on the verge of a major breakout, with predictions suggesting it could hit $3,000 next month. According to CoinCheckup, a popular cryptocurrency market prediction platform, Ethereum should surge by 51% over the next three months. With such a positive forecast, the current drop in Ethereum price is a sign of a Ethereum It could well be a short-term setback that puts the brakes on the coming rally.

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Short-term analysis and market indicators

Cryptocurrency analyst Michael van de Poppe has been following Ethereum’s recent performance and believes that it could soon reverse into an uptrend. Poppe highlighted the fact that ETH had been trading 6.14% below the estimated price for the next month.

Despite this, he believes there is an 80% chance that ETH will break $3,000 by September. He compares the current market to past cycles, recalling that the last time the altcoin saw a prolonged loss was before the 2018 bear market.

There is only one occasion when $Ether carries more than three monthly candles in red.

It was the beginning of the bear market in 2018.

I think the possibility of $Ether Being above $3,000 in September is greater than 80%. image.twitter.com/deUgSGfqkR

—Michaël van de Poppe (@CryptoMichNL) August 17, 2024

ETH found support near $2,500 on the weekly charts, a level that is often seen before major rallies. Another measure that supports the chances of a price reversal is the Stochastic RSI, which is now in oversold territory. If ETH could manage to break above the $3,000 resistance and at least show some decent improvements in its demand trends, a rally would be imminent.

Demand trends and investor sentiment

Although the indicators are quite promising technically, not everything is rosy regarding Ethereum. The largest altcoin has experienced a bearish trend in demand, which is reflected in the descending weekly RSI. For Poppe’s projection to materialize, this bearish trend must be nullified. However, there will also be encouraging signs. US investors are showing increased interest in ETH, highlighted by the positive Coinbase Premium Index.

Even speculators on futures markets are optimistic, as the buyer-seller ratio indicates that there are more purchases than sales. This sentiment among traders indicates that the market mood is such that it will help Ether rise.

Ethereum: Long-Term Growth Projections

However, beyond the short-term movements, CoinCheckup’s predictions are overwhelmingly positive for Ethereum in the long term. It has predicted that Cryptocurrency will increase by 120% in the next six months and by 145% in the next year. That basically means that the current drop in price could just be a blip before Ethereum recovers significantly.

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These independent forecasts combine to show the great potential of Ethereum. It will be a good opportunity for investors to increase their positions in ETH if the current market conditions develop according to the given predictions.

Ethereum’s current price levels, supported by these technical indicators and investor optimism, have the potential to break above $3,000. Of course, improving trends in demand and network activity will be hurdles to overcome. However, the long-term outlook for this cryptocurrency is very promising. Investors should stay informed and keep an eye out for signs that can confirm the expected rally.

Featured image from Pexels, chart from TradingView