Ethereum’s price throughout August worried investors due to intense volatility. Hopes for recovery are high from September, but many analyses suggest a different direction.
Current State of Ethereum
Experts indicate a relatively bearish-neutral outcome for Ethereum. According to Alvin Kan, COO of Bitget Wallet, Ethereum holders might act to liquidate their assets. Recently, the Ethereum Foundation transferred 35,000 Ethereum to Kraken as part of its 2024 budget, signaling a sale process worth approximately $94 million. Kan commented that this move has alarmed whale investors, who might choose to sell in advance.
Ethereum Chart Analysis
In the next few weeks, Ethereum’s price may witness a mix of decline and recovery. Currently, Ethereum is trading at $2,471, and along with the factors mentioned above, the macro price movement indicates a drop to the lower trend line at $2,300. A rise from this line could start a trend for Ethereum’s price and push it above $2,681.
Expectations for the Near Future
If the 4th quarter expectation creates an earlier bullish momentum, Ethereum could rise further. Breaking the $2,930 resistance could result in a breakout from the descending wedge, invalidating the thesis that the bearish trend is neutral and preparing Ethereum to rise above $3,000.
Investors continue to monitor Ethereum’s price movements closely amid high volatility. Expectations remain mixed, and the crypto community is bracing for any possible scenarios in the near future.
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