The post Ethereum (ETH) Poised to Rally Above $3,000 in September, Predicts Analyst appeared on BitcoinEthereumNews.com.

Ethereum (ETH) is expected to climb above the $3,000 mark in September, according to market analyst Michael van de Poppe. U.S. investors are demonstrating a positive demand for ETH, further fueling optimism about its price trajectory. Michael van de Poppe highlights that the last extended period of losses similar to the recent trend was observed prior to the 2018 bear market. Experienced market analyst Michael van de Poppe suggests ETH could surpass $3,000 in September, backed by strong U.S. investor demand. ETH’s Potential Rally Above $3,000: Analyzing the Indicators According to Michael van de Poppe, Ethereum is poised for a substantial price increase, potentially exceeding $3,000 in September. Poppe’s analysis points out that the current market cycle bears similarities to previous bullish trends, with an 80% probability of ETH reaching this target. Historical Trends and Market Indicators The weekly charts illustrate that ETH found support near the $2,500 level after a recent decline. Historically, within about three weeks, ETH has surged from similar support levels to around $3,500. This pattern was observable in both early 2022 and early 2024. Moreover, the Stochastic RSI (Relative Strength Index) is currently in the oversold territory, signaling a likely price reversal. For ETH to achieve the projected $3,000 mark, it needs to overcome certain critical resistance levels and declining demand trends as indicated by the weekly RSI. Positive Demand from U.S. Investors There has been an increased appetite for Ethereum among U.S. investors, as evidenced by the positive figures from the Coinbase Premium Index. Recent U.S. spot ETH ETFs have also shown encouraging inflows, with BlackRock’s ETHA nearing the $1 billion mark. Historically, such positive demand has correlated with ETH’s price recoveries and rallies. In the futures market, a bullish sentiment persists among speculators, indicated by a favorable Taker Buyer Sell Ratio that measures…

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Filed under: News - @ August 19, 2024 12:10 am