Will Ethereum Hit $3K in September? Analysts Bet on 80% Odds

Ethereum is perhaps on the verge of a significant breakout, with predictions suggesting it would reach $3,000 next month. In response to CoinCheckup, a well-liked crypto market prediction platform, Ethereum should rise by 51% in the subsequent three months. With such a positive forecast, the present decline in the value of Ethereum could thoroughly be a short-term hiccup against the looming rally.

Short-Term Evaluation And Market Indicators

A crypto analyst, Michael van de Poppe, has been following Ethereum’s recent performance and believes it might soon reverse into an upward trend. Poppe make clear the indisputable fact that ETH had been trading 6.14% below the estimated price for the subsequent month.

Despite this, he feels there’s an 80% probability ETH will surge above $3,000 in September. He likens the present market to past cycles, recalling the last time the altcoin saw a protracted loss was before the bear market in 2018.

There’s just one occasion where $ETH has been making greater than three monthly candles in red.

It was the beginning of the bear market in 2018.

I believe that the possibility of $ETH being above $3,000 in September is larger than 80%. pic.twitter.com/deUgSGfqkR

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

ETH found support near $2,500 on weekly charts, a level often seen before big recoveries. One other measure supporting the probabilities of price reversal lies with the stochastic RSI, now in oversold territory. If ETH could manage to clear itself of the $3,000 resistance and no less than show some decent improvements in its demand trends, the rally would then be imminent.

Demand Trends And Investor Sentiment

Though the symptoms are pretty promising technically, not every thing is rainbow-colored with respect to Ethereum. The largest altcoin has undergone a downtrend in demand, which the declining weekly RSI reflects. For Poppe’s projection to materialize, this downtrend must be negated. Nevertheless, there may also be the uplifting signs. US investors are showing increased interest in ETH, highlighted by the positive Coinbase Premium Index.

ETH is currently trading at $2,616. Chart: TradingView

Even futures markets speculators are optimistic, with the Taker Buyer Sell Ratio indicating that there’s more buying than selling. This sentiment of traders does tell the indisputable fact that the market’s mood is such that it should help Ether go up.

Ethereum: Long-Term Growth Projections

Looking beyond short-term moves, nonetheless, CoinCheckup predictions are overwhelmingly positive for Ethereum in the long run. It has forecasted the cryptocurrency will rise by 120% in the subsequent six months and by 145% in the subsequent 12 months. That essentially means the present dip in price could just be a blip before Ethereum rallies significantly.