CoinEagle
  • NEWS
    • Crypto
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • NFT
    • AI
    • DeFi
    • Metaverse
  • ANALYSIS
  • MARKET
    • CryptocurrenciesLIVE
    • ExchangesTRADE
    • Top Crypto Gainers
  • LEARN
    • Crypto Glossary
JOIN CRYPTO CLUB
No Result
View All Result
bitcoinBTC/USD
$ 110,997.2 1.15%
ethereumETH/USD
$ 2,786.1 4.55%
Market Cap:
$3.47 T
24h Volume:
$147.10 B
Dominance:
63.77%
CoinEagle
  • NEWS
    • Crypto
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • NFT
    • AI
    • DeFi
    • Metaverse
  • ANALYSIS
  • MARKET
    • CryptocurrenciesLIVE
    • ExchangesTRADE
    • Top Crypto Gainers
  • LEARN
    • Crypto Glossary
No Result
View All Result
CoinEagle
No Result
View All Result
Home Crypto

Ethereum’s 2016 Trend Resurfaces: Could ETH Prices Further Dip?

Analyzing Ethereum's Price Dilemma: Will History Repeat Itself as the Cryptocurrency Echoes 2016 Market Patterns?

Max Porter by Max PorterVerified Author
Aug 22, 2024
2 min. read
Ethereum's 2016 Trend Resurfaces: Could ETH Prices Further Dip?

Key Points

  • Ethereum’s price may experience a brief recovery in September before potential losses in Q4.
  • Despite recent improvements in demand, Ethereum’s market dominance has seen a decline.

Crypto analyst Benjamin Cowen suggests that Ethereum might see a brief recovery in September. However, the altcoin could potentially face losses in the fourth quarter of the year.

Ethereum’s Future Performance

Cowen’s prediction is based on a pattern observed in Ethereum’s performance back in 2016. He suggests that Ethereum could see green in September, followed by a red October to December.

However, QCP Capital warns that Ethereum might drop even lower if the Federal Reserve makes a significant downward revision in September. This has led to mixed views on Ethereum’s future within the crypto community, with arguments from both bear and bull camps.

Ethereum’s Market Dominance

In the meantime, data from Glassnode shows that Ethereum’s market dominance has decreased from 16.8% to 15.2% since the crypto market bottomed in late 2022.

This contrasts with the market dominance of Bitcoin, which has surged from 38% to over 56% in the same period. This could suggest a possible capital rotation towards Bitcoin.

Interestingly, the approval of US spot Ethereum ETFs did not boost Ethereum’s market dominance. Despite net outflows from the ETFs since their debut, BlackRock’s ETHA experienced $1B in net inflows within a month.

Price Analysis

On the price charts, Ethereum’s demand has improved since the dump on August 5th. The RSI (Relative Strength Index) has risen from the oversold territory, indicating this improvement. However, the demand was not above average, suggesting a lack of strong momentum for the price.

As such, key short-term support levels to watch are $2500 and $2300. If sentiment improves, $2.8k and $3k could be crucial short-term bullish targets.

Tags: Ethereum (ETH)

Related Articles

Metaplanet Outshines Coinbase: Stocks Surge Following $117M Bitcoin Purchase

Metaplanet Outshines Coinbase: Stocks Surge Following $117M Bitcoin Purchase

June 16, 2025
The Gambling Game of Shorting Bitcoin at its Zenith: Unpacking the Risks!

The Gambling Game of Shorting Bitcoin at its Zenith: Unpacking the Risks!

June 16, 2025
Bitcoin news, Crypto News
Facebook Instagram Youtube Telegram Tiktok Linkedin Medium Pinterest Tumblr

OPPORTUNITIES

  • NUMERIS CLUB
  • NUMERIS CLUB

NEWS

  • Crypto
  • Bitcoin
  • Ethereum
  • NFT
  • AI
  • DeFi
  • Metaverse
  • Crypto
  • Bitcoin
  • Ethereum
  • NFT
  • AI
  • DeFi
  • Metaverse

MARKET

  • Top 100 cryptocurrencies
  • Top 100 crypto exchanges
  • Top Crypto Gainers
  • Top 100 cryptocurrencies
  • Top 100 crypto exchanges
  • Top Crypto Gainers

LEARN

  • Crypto Glossary
  • Crypto Glossary

COMPANY

  • Advertise
  • Contact
  • Advertise
  • Contact
© 2009 – 2024 coineagle

Disclaimer: By using this website, you agree to the Terms and Conditions. CoinEagle has no affiliation or relationship with any coin, business, project, or event, unless otherwise specified. None of the information you’ve read on CoinEagle.com should be taken as investment advice. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before making any investment decision. CoinEagle is not responsible, directly or indirectly, for any damage or loss incurred, alleged or otherwise, in connection with the use or reliance on any content you have read on the site.

  • Terms & Conditions
  • Cookie Policy
  • Privacy Policy
No Result
View All Result
  • News
    • Bitcoin (BTC)
    • Crypto
    • NFT
    • Metaverse
    • AI
  • Analysis
  • Learn
    • Dictionary
  • Market
    • Top 100 Cryptocurrencies
    • Top 50 Exchanges
    • Top Crypto Gainers Today
  • Company
    • Contact

© 2009 - 2024 CoinEagle.com

We use cookies to offer you a better browsing experience.Continuing to use our site consents to use of cookies.Cookie Policy