{"id":640917,"date":"2024-09-10T16:30:24","date_gmt":"2024-09-10T16:30:24","guid":{"rendered":"https:\/\/www.uniquehot.com\/?p=640917"},"modified":"2024-09-10T10:17:58","modified_gmt":"2024-09-10T10:17:58","slug":"ethereum-3-months-december","status":"publish","type":"post","link":"https:\/\/www.uniquehot.com\/news\/ethereum\/ethereum-3-months-december\/","title":{"rendered":"Ethereum In 3 Months: Legendary Analyst Reveals Prediction For December"},"content":{"rendered":"

Much like Bitcoin (BTC), the <\/span>price of Ethereum (ETH)<\/span><\/a> has been trading significantly sideways lately. Due to this downtrend, a legendary crypto analyst has offered some insights into Ethereum\u2019s price movements, predicting that in the next three months, the pioneer altcoin could see its price hit a bottom.\u00a0<\/span><\/p>\n

Ethereum To Hit Price Bottom By December<\/h2>\n

Benjamin Cowen, the founder of ITC Crypto and a prominent crypto analyst, has published a <\/span>YouTube video<\/span><\/a> discussing Ethereum\u2019s price movements, highlighting a potential correlation between <\/span>ETH\u2019s price declines<\/span><\/a> with the rising United States (US) unemployment rates.\u00a0<\/span><\/p>\n

Related Reading: Ethereum Forms Falling Wedge Pattern That Could Send Price To $3,000<\/a><\/div>\n

Historically, the rate of unemployment within the US tends to peak in the month of December, and Ethereum has experienced a <\/span>price bottom<\/span><\/a> during the same month in both 2016, and 2019. With the unemployment rate currently rising in the US, Cowen suggests that a continuation of this economic trend could lead to a peak in December 2024, potentially coinciding with a price bottom for Ethereum.<\/span><\/p>\n

For the past few months, the price of Ethereum has been on an <\/span>unusual downward trend<\/span><\/a>, <\/span>crashing<\/span><\/a> by over 20% earlier this year and dipping below $3,000. The cryptocurrency had mirrored <\/span>Bitcoin\u2019s price declines<\/span><\/a>, bleeding red almost immediately after the broader market turned bearish.\u00a0<\/span><\/p>\n

Despite the launch of <\/span>Spot Ethereum Exchange Traded Funds (ETFs)<\/span><\/a>, ETH has failed to gain enough momentum to propel its price to previous highs. Considering the cryptocurrency\u2019s extensive decline trend, Cowen predicts that Ethereum could witness a 50% decline soon.\u00a0<\/span><\/p>\n

Although the analyst did concede that the projected decline might not be as severe as a 50% drop, he remains convinced that some degree of decline, even if mild, is probable. As a result, Cowen has set a <\/span>new target for Etheruem\u2019s price<\/span><\/a> by December, predicting that the pioneer cryptocurrency could see its price dropping to $1,200 from its current value.\u00a0<\/span><\/p>\n

While drawing parallels between Etheruem\u2019s price actions in 2019 and 2024, Cowen further suggested in an X (formerly Twitter) <\/span>post<\/span><\/a> that ETH might temporarily fall below its recently <\/span>formed a wedge pattern<\/span><\/a> before finding a price bottom. The analyst believes that after Ethereum hits its price bottom, the cryptocurrency could be on the road to a significant <\/span>price recovery.<\/span><\/a>\u00a0<\/span><\/p>\n

As of writing, CoinMarketCap\u2019s data reveals that Ethereum\u2019s price is trading at $2,354, reflecting a slight uptick of 1.26% in the last 24 hours.\u00a0<\/span><\/p>\n

Selling Pressures Increase For ETH<\/h2>\n

Amidst price declines and broader market volatility, Ethereum has also been experiencing an <\/span>increase in selling pressures<\/span><\/a>. On September 10, Lookonchain <\/span>reported<\/span><\/a> that MetaAlpha, a hedging and trading service company, had executed another major transaction in a deposit of 10,000 ETH tokens valued at $23.45 million.<\/span><\/p>\n

Related Reading: Crypto Analyst Predicts Dogecoin Will Rise 3,600% To $3.7, Here\u2019s When<\/a><\/div>\n

Over the past four days, the company has moved a total of $33,589 ETH, worth about $77.55 million, to the Binance crypto exchange in the past four days. Meanwhile, <\/span>the Ethereum Foundation<\/span><\/a>, a non-profit organization supporting the Ethereum ecosystem recently <\/span>sold<\/span><\/a> another 100 ETH tokens, bringing its total ETH sales since January to 2,616 ETH.\u00a0<\/span><\/p>\n

\"Ethereum
ETH price still holding $2,300 | Source: ETHUSDT on Tradingview.com<\/a><\/figcaption><\/figure>\n
Featured image created with Dall.E, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"

Much like Bitcoin (BTC), the price of Ethereum (ETH) has been trading significantly sideways lately. Due to this downtrend, a legendary crypto analyst has offered some insights into Ethereum\u2019s price movements, predicting that in the next three months, the pioneer altcoin could see its price hit a bottom.\u00a0 Ethereum To Hit Price Bottom By December Benjamin Cowen, the founder of ITC Crypto and a prominent crypto analyst, has published a YouTube video discussing Ethereum\u2019s price movements, highlighting a potential correlation between ETH\u2019s price declines with the rising United States (US) unemployment rates.\u00a0 Related Reading: Ethereum Forms Falling Wedge Pattern That Could Send Price To $3,000 Historically, the rate of unemployment within the US tends to peak in the month of December, and Ethereum has experienced a price bottom during the same month in both 2016, and 2019. With the unemployment rate currently rising in the US, Cowen suggests that a continuation of this economic trend could lead to a peak in December 2024, potentially coinciding with a price bottom for Ethereum. For the past few months, the price of Ethereum has been on an unusual downward trend, crashing by over 20% earlier this year and dipping below $3,000. The cryptocurrency had mirrored Bitcoin\u2019s price declines, bleeding red almost immediately after the broader market turned bearish.\u00a0 Despite the launch of Spot Ethereum Exchange Traded Funds (ETFs), ETH has failed to gain enough momentum to propel its price to previous highs. Considering the cryptocurrency\u2019s extensive decline trend, Cowen predicts that Ethereum could witness a 50% decline soon.\u00a0 Although the analyst did concede that the projected decline might not be as severe as a 50% drop, he remains convinced that some degree of decline, even if mild, is probable. As a result, Cowen has set a new target for Etheruem\u2019s price by December, predicting that the pioneer cryptocurrency could see its price dropping to $1,200 from its current value.\u00a0 While drawing parallels between Etheruem\u2019s price actions in 2019 and 2024, Cowen further suggested in an X (formerly Twitter) post that ETH might temporarily fall below its recently formed a wedge pattern before finding a price bottom. The analyst believes that after Ethereum hits its price bottom, the cryptocurrency could be on the road to a significant price recovery.\u00a0 As of writing, CoinMarketCap\u2019s data reveals that Ethereum\u2019s price is trading at $2,354, reflecting a slight uptick of 1.26% in the last 24 hours.\u00a0 Selling Pressures Increase For ETH Amidst price declines and broader market volatility, Ethereum has also been experiencing an increase in selling pressures. On September 10, Lookonchain reported that MetaAlpha, a hedging and trading service company, had executed another major transaction in a deposit of 10,000 ETH tokens valued at $23.45 million. Related Reading: Crypto Analyst Predicts Dogecoin Will Rise 3,600% To $3.7, Here\u2019s When Over the past four days, the company has moved a total of $33,589 ETH, worth about $77.55 million, to the Binance crypto exchange in the past four days. Meanwhile, the Ethereum Foundation, a non-profit organization supporting the Ethereum ecosystem recently sold another 100 ETH tokens, bringing its total ETH sales since January to 2,616 ETH.\u00a0 Featured image created with Dall.E, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":637809,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[13625],"tags":[167,6664,26263,14690,8323,89213,16163,1946,7931,6931,8686,78803],"class_list":["post-640917","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum","tag-analyst","tag-crypto","tag-crypto-analyst","tag-crypto-news","tag-eth","tag-eth-news","tag-eth-price","tag-ethereum","tag-ethereum-news","tag-ethereum-price","tag-ethusd","tag-ethusdt"],"acf":[],"yoast_head":"\nEthereum In 3 Months: Legendary Analyst 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Matherson","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.uniquehot.com\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/3d21ae3d2529ce2df4466b61ea80b449?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/3d21ae3d2529ce2df4466b61ea80b449?s=96&d=mm&r=g","caption":"Scott Matherson"},"description":"Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers. Scott\u2019s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott\u2019s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life. With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/www.uniquehot.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Ethereum In 3 Months: Legendary Analyst Reveals Prediction For December","url":"http:\/\/www.uniquehot.com\/news\/ethereum\/ethereum-3-months-december\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/www.uniquehot.com\/news\/ethereum\/ethereum-3-months-december\/"},"thumbnailUrl":"https:\/\/www.uniquehot.com\/wp-content\/uploads\/2024\/08\/Ethereum-price-1.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/www.uniquehot.com\/wp-content\/uploads\/2024\/08\/Ethereum-price-1.jpeg?fit=1792%2C1024"},"articleSection":"Ethereum","author":[{"@type":"Person","name":"Scott Matherson"}],"creator":["Scott Matherson"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/www.uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["analyst","crypto","crypto analyst","crypto news","eth","eth news","eth price","ethereum","ethereum news","ethereum price","ethusd","ethusdt"],"dateCreated":"2024-09-10T16:30:24Z","datePublished":"2024-09-10T16:30:24Z","dateModified":"2024-09-10T16:30:24Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Ethereum In 3 Months: Legendary Analyst Reveals Prediction For December\",\"url\":\"http:\\\/\\\/www.uniquehot.com\\\/news\\\/ethereum\\\/ethereum-3-months-december\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/www.uniquehot.com\\\/news\\\/ethereum\\\/ethereum-3-months-december\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/www.uniquehot.com\\\/wp-content\\\/uploads\\\/2024\\\/08\\\/Ethereum-price-1.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/www.uniquehot.com\\\/wp-content\\\/uploads\\\/2024\\\/08\\\/Ethereum-price-1.jpeg?fit=1792%2C1024\"},\"articleSection\":\"Ethereum\",\"author\":[{\"@type\":\"Person\",\"name\":\"Scott Matherson\"}],\"creator\":[\"Scott Matherson\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/www.uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"analyst\",\"crypto\",\"crypto analyst\",\"crypto news\",\"eth\",\"eth news\",\"eth price\",\"ethereum\",\"ethereum news\",\"ethereum price\",\"ethusd\",\"ethusdt\"],\"dateCreated\":\"2024-09-10T16:30:24Z\",\"datePublished\":\"2024-09-10T16:30:24Z\",\"dateModified\":\"2024-09-10T16:30:24Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/www.uniquehot.com\/wp-content\/uploads\/2024\/08\/Ethereum-price-1.jpeg?fit=1792%2C1024","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.uniquehot.com\/wp-json\/wp\/v2\/posts\/640917"}],"collection":[{"href":"https:\/\/www.uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.uniquehot.com\/wp-json\/wp\/v2\/users\/594"}],"replies":[{"embeddable":true,"href":"https:\/\/www.uniquehot.com\/wp-json\/wp\/v2\/comments?post=640917"}],"version-history":[{"count":1,"href":"https:\/\/www.uniquehot.com\/wp-json\/wp\/v2\/posts\/640917\/revisions"}],"predecessor-version":[{"id":640934,"href":"https:\/\/www.uniquehot.com\/wp-json\/wp\/v2\/posts\/640917\/revisions\/640934"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.uniquehot.com\/wp-json\/wp\/v2\/media\/637809"}],"wp:attachment":[{"href":"https:\/\/www.uniquehot.com\/wp-json\/wp\/v2\/media?parent=640917"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.uniquehot.com\/wp-json\/wp\/v2\/categories?post=640917"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.uniquehot.com\/wp-json\/wp\/v2\/tags?post=640917"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}