Published on september 20, 2024, 12:29 am
Image source: Fox News
```json [ { "TLDR": "Experts predict a possible triple-bottom correction for Ether leading to a major rally by 2025 despite recent struggles. Concerns arise as Solana outperforms Ether, but faces pressures against Bitcoin. Short-term downside pressure on Ether is indicated, with potential for a triple-bottom chart formation. It is advised to monitor Ether's performance closely alongside Bitcoin amid market shifts." } ] ```
Ether’s price trajectory may soon experience a significant shift as experts consider the possibility of a triple-bottom correction leading to a major rally by 2025. Despite facing challenges in gaining upward momentum in 2024, the question remains whether Ether is positioned for a contrary bet or poised for an upward surge.
Matt Hougan, the Chief Investment Officer at Bitwise Asset Management, suggests that Ethereum could emerge as an underdog heading into 2025. While remaining hopeful about Ether’s future, Hougan acknowledges its recent struggles, especially following a notable low against Bitcoin in September.
Furthermore, concerns arise as Solana outperforms Ether with a 38% year-to-date increase. However, Solana itself faces pressures against Bitcoin, leading some analysts to anticipate a similar downtrend akin to Ether’s trajectory.
Potential short-term downside pressure on Ether is highlighted by crypto trader GGG, indicating a need for caution. The introduction of Ethereum exchange-traded funds earlier this year failed to bolster prices significantly, resulting in negative flows and a considerable drop in ETH value.
Looking ahead, if Ether’s price continues to decline, there could be room for a triple-bottom chart formation—a potential precursor to the next rally in the fourth quarter of 2024. Technical analysis by Crypto Bullet supports this notion by comparing data from previous years.
Analyzing the three-day chart reveals Ether testing its long-standing support level around $2,200—an essential threshold for maintaining positive momentum according to crypto trader Inmortal. Breaking below this level could trigger substantial leveraged short liquidations across exchanges.
Moreover, projections connect Ether’s performance closely with that of Bitcoin as it enters the parabolic phase of its bull cycle. Historical trends and anticipated averages suggest a three-month rally towards $92,000 for Bitcoin commencing in October—indicating potential market shifts affecting other cryptocurrencies like Ether.
It is crucial to note that this article serves for informational purposes only and does not constitute investment advice. Individuals are encouraged to conduct thorough research and exercise caution when making financial decisions in volatile markets such as cryptocurrency trading.
Original article posted by Fox News
