The post How Will Ethereum’s Price Trends Develop? appeared on BitcoinEthereumNews.com.

Ethereum’s price fluctuations in August have left investors uneasy due to marked volatility. With September around the corner, hopes for a price recovery are high. However, various on-chain and chart analyses hint that Ethereum’s price, which is currently below $2,800, might not experience significant upward movement in the near future. Although it might touch $2,900, the upward momentum for the leading altcoin in September is expected to be limited. Why Are Investors Concerned? Experts forecast a bearish to neutral outcome for Ethereum. Alvin Kan, COO of Bitget Wallet, suggests that Ethereum holders might liquidate their assets. The Ethereum Foundation recently transferred 35,000 Ethereum to Kraken, indicating a sales process valued at roughly $94 million. Kan noted that this action has alarmed whale investors, who might preemptively sell their holdings. Access NEWSLINKER to get the latest technology news. Julio Moreno, Head of Research at Cryptoquant, emphasized a more concerning trend. He pointed out that Ethereum’s total supply has been consistently rising since April, following the Dencun upgrade. Currently, the supply stands at 120.313 million Ethereum, the highest since May 2023. This increase accounts for 53% of the decrease in supply since The Merge in September 2022. What Do Charts Indicate? Over the coming weeks, Ethereum’s price might see fluctuations between decline and recovery. Presently trading at $2,471, the macro price movement suggests a possible drop to the lower trend line at $2,300. A rebound from this line could initiate a trend, potentially pushing prices above $2,681. This level might become a support, setting the stage for a rise in October. Conversely, if bullish momentum anticipated for the fourth quarter arrives sooner, Ethereum could climb higher. Breaking the $2,930 resistance might result in a breakout from the descending wedge pattern, challenging the current bearish-neutral stance and paving the way for prices to…

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Filed under: News - @ September 1, 2024 8:26 pm