According to Cointelegraph, Matt Hougan, chief investment officer of Bitwise Asset Management, said that ETH could become a contrarian investment opportunity by 2025. Although ETH prices have continued to be sluggish since September 16, Hougan believes that its challenges are not fatal and the market may re-evaluate ETH after the November election and regulatory clarification.
In addition, Solana has risen 38% so far this year, while ETH has performed mediocrely. Analysts believe that Solana prices may follow ETH's downward trend. Crypto trader GGG predicts that ETH may fall further in the short term.
Although the launch of the first Ethereum exchange-traded fund in July failed to boost prices, analysts Crypto Bullet believe that if ETH prices fall further, a triple bottom pattern could form, driving a rebound in the fourth quarter of 2024.
Crypto trader Inmortal pointed out that the price of ETH is retesting the 700-day accumulation range, with the key support at $2,200. CoinGlass data shows that if the price of ETH falls below $2,200, it will trigger more than $1 billion in leveraged short liquidations.
Some analysts predict that ETH prices could gain more momentum as BTC enters the parabolic phase of its bull cycle. Historical chart patterns and BTC’s average monthly returns in the fourth quarter suggest that BTC could begin a three-month rally to $92,000 in October.
