Ethereum Faces Potential Q4 Decline, Analyst Predicts Rebound in 2025
04.10.2024 8:30 1 min. read Alexander Zdravkov
Crypto analyst Benjamin Cowen has cautioned that Ethereum (ETH) could face a bearish trend as 2024's final quarter approaches.
Cowen noted that ETH might be mirroring a pattern observed in 2016, which suggests potential declines in the upcoming months. He believes, however, that if this trend holds, Ethereum could rebound significantly in the first half of 2025.
As of now, Ethereum is priced at $2,375, reflecting a 3.3% drop over the past day. Cowen also mentioned that for Bitcoin (BTC) to initiate a rally, Tether’s market dominance (USDT.D) should fall below a crucial trend line on the weekly chart.
This shift would indicate that traders are using their stablecoins to acquire other cryptocurrencies. Historically, a declining USDT dominance has correlated with upward trends in Bitcoin’s price.
In addition, Cowen shared insights on the crypto market’s overall valuation, indicating that the market may not surpass its fair value until early next year.
He referenced historical patterns, noting that previous cycles saw significant overvaluation occurring well after the halving events, suggesting that a similar pattern could unfold this time around.
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