Ether (
ETH
) price has struggled to gain upside momentum since the start of 2024. Is Ether really a contrarian bet for 2024, or could it still stage an upside rally?
Ethereum is a “contrarian bet” through Q4
According to
Matt Hougan
, Bitwise Asset Management’s chief investment officer (CIO), Ethereum could be the underdog headed into 2025.
Hougan noted that Ether has been struggling, particularly after
ETH hit an over 42-month low
against Bitcoin (
BTC
) on Sept. 16.
While he remains optimistic about Ether, he noted that price action may remain sluggish for the rest of the year. Hougan
wrote
in a Sept. 17 blog post:
Moreover, Hougan notes that Ether’s biggest rival, Solana (
SOL
), is up 38% year-to-date (YTD), while Ether remains flat. However,
Solana’s price has
also been struggling against Bitcoin, with some analysts believing that it will follow Ether’s downtrend.
Related:
Bitcoin set for 3-month historic rally as analysts eye $92K BTC
ETH price headed for more downside before 2025?
Ether could see more downside in the shorter term, according to pseudonymous crypto trader GGG, who
wrote
in a Sept. 19 X post:
ETH/USDP, 1-week chart. Source: GGG
Additionally, the
debut of the first Ethereum
exchange-traded funds in July had little positive impact, with net negative flows and ETH price down nearly 30% since.
But if ETH price falls further, the next correction could culminate into a triple bottom chart formation, which could lead to the next Ether rally during the fourth quarter of 2024,
noted
popular analyst Crypto Bullet in a Sept. 17 X post:
Ether triple bottom, 2021 vs 2024 chart. Source: Crypto Bullet
On the 3-day chart, Ether price is retesting its 700-day accumulation range, which acts as a significant support around $2,200,
wrote
crypto trader Inmortal, in a Sept. 17 X post:
ETH/USDT, 3-day chart. Source: Inmortal
To gain more upside momentum, Ether’s price needs to remain above this key long-term support level.
According to CoinGlass data, a potential Ether price decline below $2,200 would trigger over $1 billion worth of leveraged short liquidations across all exchanges.
ETH Exchange Liquidation Map. Source: CoinGlass
Ether price could also gain more momentum as Bitcoin starts the parabolic phase of the bull cycle. Based on historical chart patterns and Bitcoin’s average monthly returns for the year’s fourth quarter, some analysts predict a three-month Bitcoin
rally to $92,000
, which could start in October.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Bitwise Executive Forecasts Ethereum as a Contrarian Bet for 2025