Ethereum might be on the verge of a major breakout, with predictions suggesting it might reach $3,000 next month. According to CoinCheckup, a popular crypto market prediction platform, Ethereum should rise by 51% in the next three months. With such a positive forecast, the current decline in the price of could very well be a short-term hiccup against the looming rally.
A crypto analyst, Michael van de Poppe, has been following Ethereum’s recent performance and believes it may soon reverse into an upward trend. Poppe shed light on the fact that ETH had been trading 6.14% below the estimated price for the next month.
Despite this, he feels there is an 80% chance ETH will surge above $3,000 in September. He likens the current market to past cycles, recalling the last time the altcoin saw a protracted loss was before the bear market in 2018.
There’s only one occasion where has been making more than three monthly candles in red.
It was the start of the bear market in 2018.
I think that the chance of being above $3,000 in September is larger than 80%.
— Michaël van de Poppe (@CryptoMichNL)
ETH found support close to $2,500 on weekly charts, a level usually seen before big recoveries. Another measure supporting the chances 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 at least show some decent improvements in its demand trends, the rally would then be imminent.
Demand Trends And Investor Sentiment
Though the indicators are pretty promising technically, not everything is rainbow-colored with respect to Ethereum. The biggest altcoin has undergone a downtrend in demand, which the declining weekly RSI reflects. For Poppe’s projection to materialize, this downtrend needs to be negated. However, there will 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:
Even futures markets speculators are optimistic, with the Taker Buyer Sell Ratio indicating that there is more buying than selling. This sentiment of traders does tell the fact that the market’s mood is such that it will help Ether go up.
Ethereum: Long-Term Growth Projections
Looking beyond short-term moves, however, CoinCheckup predictions are overwhelmingly positive for Ethereum in the long term. It has forecasted the in the next six months and by 145% in the next year. That essentially means the current dip in price could just be a blip before Ethereum rallies significantly.
ETH seen rising in value. Source:
These independent forecasts now blend to show the big potential of Ethereum. It will be a good opportunity for investors to increase their positions in ETH if the present market conditions play out in accordance with the given predictions.
The current Ethereum price levels, backed by these technical indicators and optimistic investor sentiment, do have the potential to push above $3,000. Of course, improving trends in demand and network activity will be hurdles to climb. However, the long-term outlook for this cryptocurrency is very promising. Investors should keep themselves updated and watch for signs that may confirm the predicted rally.
Featured image from Pexels, chart from TradingView
They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.
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Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).
Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!
So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).
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Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.
Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.
So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.
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