Ethereum is a ‘contrarian bet’ for 2025
Ether prices could pull back to a triple bottom again, signaling the start of a major rally in 2025.
Ethereum remains a ‘contrarian bet’ as of Q4
Bitwise Asset Management Chief Investment Officer (CIO) Matt Hougan said Ethereum could become a bullish currency by 2025.
Hogan noted that Ethereum has been struggling, especially after ETH fell to a 42-month low against Bitcoin (BTC) on Sept. 16.
While he remains optimistic about Ethereum, he noted that price action is likely to remain subdued for the rest of the year.
Additionally, the launch of the first Ethereum exchange-traded fund in July had little positive impact, with net negative flows and ETH prices down nearly 30% since then.
But if ETH prices fall further, the next correction could eventually form a triple bottom, which could lead to the next Ethereum rally in the fourth quarter of 2024, as well-known analyst Crypto Bullet pointed out on September 17:
Ether prices could fall below $2,200, which would trigger more than $1 billion in leveraged short liquidations across all exchanges.
As Bitcoin enters the parabolic phase of its bull cycle, Ethereum prices could also gain more momentum.
Based on historical chart patterns and Bitcoin’s average monthly returns in the fourth quarter of this year, some analysts predict that Bitcoin will rise to $92,000 within three months, which could start in October.
