Market Veteran Predicts Ethereum Slump in Q4 2024, Citing Similar Trends in 2016 And 2019
The post Market Veteran Predicts Ethereum Slump in Q4 2024, Citing Similar Trends in 2016 And 2019 appeared on BitcoinEthereumNews.com.
Market veteran Benjamin Cowen highlights Ethereum cyclical breakdown patterns in 2016 and 2019, predicting a repetition in Q4 2024. He recently shared Ethereum’s ETH/USD monthly candles showing similar behavior, with a breakdown against Bitcoin (ETH/BTC) happening a third time, in similar circumstances as 2016 and 2019. Ultimately, the question remains: will ETH/USD fall further to align with history? Historical ETH/BTC Breakdowns According to Cowen’s chart, in Q4 2016, Ethereum experienced its first major ETH/BTC breakdown, followed by a drop in ETH/USD the following months. This move coincided with Ethereum breaking through a green regression curve, which notably acted as a strong support. Following this decline in Q4 and a break below the regression curve, Ethereum resumed upward momentum in the following months. #ETH / #USD monthly candles still tracking 2016 perfectly. In 2019 (also a year #ETH / #BTC broke down), October was slightly green, but Nov/Dec were still red. https://t.co/XA2NvOmCGn pic.twitter.com/OI9Z1vBoRq — Benjamin Cowen (@intocryptoverse) October 8, 2024 Similarly, Q4 2019 saw Ethereum undergo another ETH/BTC breakdown. After a brief recovery in October 2019, represented by a green candle, the cryptocurrency faced two red months in November and December, indicating further downside. This pattern mirrors Ethereum’s movement below the regression curve, after which a recovery was seen in the following months, particularly the first quarter of 2020. Potential Breakdown in Q4 2024 Looking ahead, the analysis suggests Ethereum has already experienced the historical ETH/BTC breakdown. Ethereum is currently tracking closely to the logarithmic regression band, and a slump could occur if ETH/USD drops further. Similar to 2016 and 2019, a decline could follow before Ethereum rebounds in the subsequent months. Ethereum’s monthly trends for 2024 have already displayed volatility. The year began with five consecutive green months from January through May. However, since June, the price has seen a…
Filed under: News - @ October 9, 2024 11:24 am