Ethereum (ETH) is on track for a record monthly close, potentially paving the way for significant growth by year-end. Historically, August has been a vital month for Ether.
Growth Prospects for Ethereum
Ethereum could close the month at a record high above $4,955. Such a move may unlock as much as 60% additional upside by year-end.
Historical Growth Data After August
Analysis shows that when ETH closes August in green, it has historically delivered an average return of 60%. For example, in 2017, a 92.9% increase contributed to further gains of 91%. In 2020, the results were also positive, with a 69% increase from September to December. However, it is important to note that September typically follows August with slight declines.
Technical Indicators and Their Significance
Recent bullish crossover in Ethereum’s MACD indicates potential growth. Past cycles have shown that such crossovers precede significant price increases. For example, in early 2020, a similar signal marked the beginning of a 2,200% surge to a peak value in 2021.
With current trends and historical data, Ethereum has strong potential for significant growth by year-end. Analyzing technical indicators and past performances, investors may anticipate an ongoing bullish trend.
