Due to this downtrend, a legendary crypto analyst has offered some insights into Ethereum’s price movements, predicting that in the next three months, the pioneer altcoin could see its price hit a bottom. Ethereum To Hit Price Bottom By December Benjamin Cowen, the founder of ITC Crypto and a prominent crypto analyst, has published a YouTube video discussing Ethereum’s price movements, highlighting a potential correlation between ETH’s price declines with the rising United States (US) unemployment rates. Related Reading: Ethereum Forms Falling Wedge Pattern That Could Send Price To $3,000 Historically, the rate of unemployment within the US tends to peak in the month of December, and Ethereum has experienced a price bottom during the same month in both 2016, and 2019.
The analyst believes that after Ethereum hits its price bottom, the cryptocurrency could be on the road to a significant price recovery. As of writing, CoinMarketCap’s data reveals that Ethereum’s price is trading at $2,354, reflecting a slight uptick of 1.26% in the last 24 hours. Selling Pressures Increase For ETH Amidst price declines and broader market volatility, Ethereum has also been experiencing an increase in selling pressures.
As a result, Cowen has set a new target for Etheruem’s price by December, predicting that the pioneer cryptocurrency could see its price dropping to $1,200 from its current value. While drawing parallels between Etheruem’s price actions in 2019 and 2024, Cowen further suggested in an X (formerly Twitter) post that ETH might temporarily fall below its recently formed a wedge pattern before finding a price bottom.
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