$2,000 or $3,000: Where will Ethereum go by the end of September?
Ethereum prices plunged 1.67% on Sunday to $2,570, with a market cap of $309.5 billion.
This round of decline is seen by many as a short-term correction, but recent selling by big cryptocurrency investors "whales" has the market worried about a further correction. Everyone is wondering: Will Ethereum fall back to $2,000?
By the end of September, will Ethereum go straight to $3,000 or fall back to $2,000? It's hard to say. However, a big-name "whale" named "0x682" has been making a lot of moves recently. His previous sell-offs were accurate before the price fell. This time he deposited another 15,000 ETH to Kraken, worth up to $38.4 million. This guy still has 26,639 ETH in his hands now, making a lot of money, with a profit of more than $132 million.
His back-and-forth operation makes people worry that the price of Ethereum may adjust again, or even test the support level of $2,000.
Let's talk about the situation on the exchange side. The supply of Ethereum is steadily increasing, and now it has reached 21.43 million ETH. With this large supply, the risk of selling is greater, and the price is more likely to go down.
However, the good news is that Ethereum has risen well in the past two weeks, from $2,150 to $2,655, an increase of nearly 20%. This is mainly driven by the Fed's interest rate cuts and the rise in Bitcoin prices.
From a technical point of view, ETH has also formed a double bottom reversal pattern. If this pattern can be stabilized, it is not impossible to rise by 9% to $2,800 next. If this resistance level can be broken, the subsequent rise will be even more fierce, and $3,000 or $3,500 is possible.
Of course, if the resistance at $2,800 is too great, Ethereum may have to retreat to around $2,000 to continue consolidation.
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