Key Points
- Ethereum (ETH) is predicted to surpass $3K in September, according to market analyst Michael van de Poppe.
- U.S. investors have shown a positive demand for ETH.
Market analyst Michael van de Poppe forecasts that Ethereum (ETH) will recover from recent losses and exceed $3K in the coming month.
Van de Poppe highlighted that ETH had not seen more than three months of losses before the 2018 bear market.
ETH’s Potential Rally
Given the current market cycle is believed to be bullish, Van de Poppe estimates that there is over an 80% chance of ETH reaching $3K in September.
Looking at the weekly charts, ETH’s recent decline halted at a weekly support area near $2500.
Historically, it has taken ETH approximately three weeks to rise to $3500, a pattern observed in early 2022 and 2024.
The Stochastic RSI (Relative Strength Index) is currently in oversold territory, indicating a likely price reversal.
Nonetheless, for ETH to secure additional recovery gains, it must first overcome the $3000 barrier and range-lows.
Positive Demand for ETH
U.S. investors have demonstrated a growing interest in the altcoin, as indicated by the positive Coinbase Premium Index.
The recent U.S. spot ETH ETFs experienced positive inflows last week, with BlackRock’s ETHA approaching the $1B mark.
Historically, positive demand from US investors has coincided with ETH’s recovery or rallies, suggesting that a sustained positive Coinbase Premium could lead to further ETH rebound.
Speculators in the Futures market have shown bullish sentiment towards the largest altcoin, as evidenced by the positive Taker Buyer Sell Ratio.
If these positive on-chain readings continue in the coming days, ETH’s rally to $3K and beyond could become a reality.
However, ETH gas fees have been reaching record lows, indicating a decrease in network activity that could potentially hinder strong recovery prospects, at least in the short term.
