Ethereum’s price has been disappointing lately, dropping significantly in the last few months. Many ETH investors were hoping for a big jump after the launch of Spot Ethereum ETFs, but that hasn’t happened.
History Repeating Itself?
But there might be a silver lining. A popular crypto analyst, Benjamin Cowen, noticed a striking similarity between Ethereum’s price action in 2024 and 2016.
Looking at monthly charts, Cowen found that Ethereum’s price has been closing out months in the same way it did in 2016. This pattern has been consistent for eight months in a row, starting in January.
A Potential Road Map
If this pattern continues, Ethereum could see a green month in September, followed by three red months (October to December).
This might sound bad, but remember what happened after 2016’s red months. Ethereum went on a massive rally, increasing in value by a whopping 19,000%!
If history repeats itself, Ethereum could break its current all-time high and reach new heights in 2025.
A Crucial Support Level
Right now, Ethereum is trading around $2,445, which is a critical support level. If it bounces back from this level, it could signal a bullish trend and lead to a surge in price.
This surge could potentially push Ethereum above $3,000, then $4,000, and even $5,000.
While the short-term outlook might be bearish, the long-term potential for Ethereum remains strong.
