Triple Bottom Formation: Is Ethereum Set For Major Upswing In Q4?

3 days ago

The cryptocurrency market, led by the largest cryptocurrencies Bitcoin (BTC) and Ethereum (ETH), surged connected Tuesday to levels not seen successful implicit a period successful anticipation of the Federal Reserve’s (Fed) imminent announcement of its archetypal involvement complaint chopped since the COVID-19 pandemic.

However, contempt these expectations oregon what the result of the Fed’s announcement could person connected the market, connected Bitcoin Halving years, the 4th fourth (Q4) is usually importantly bullish for the 2 largest integer assets and the broader market.

Exploring The Ethereum Price Performance Post-Bitcoin Halving

Interestingly, Ethereum’s show pursuing past Bitcoin Halving events has displayed notable variations. Data reveals that successful the twelvemonth pursuing the 2016 Halving, Ethereum experienced a 45% drawdown earlier embarking connected a notable rally that culminated successful a 3,400% increase.

Similarly, aft the 2020 Halving, ETH surged by 150% earlier rocketing to a 2,150% gain. However, since the latest Halving successful April, ETH has mirrored Bitcoin’s volatility, encountering notable terms fluctuations and establishing little enactment levels.

The caller period has not been benignant to Ethereum, marked by 2 important crashes. On August 5, ETH retraced implicit 25%, plummeting to a six-month debased of $2,110. The downward inclination continued into September, with accrued selling unit starring to a driblet from $2,800 to astir $2,150 successful conscionable 1 week.

Despite these challenges, expert CryptoBullet remains optimistic astir Q4’s imaginable for a turnaround. Notably, the expert identified a “triple bottom” enactment connected the ETH/USDT regular illustration spot successful the representation below, reminiscent of terms enactment observed successful 2021.

This signifier suggests that Ethereum whitethorn beryllium poised for a rebound akin to that seen successful 2021, erstwhile it surged from astir $1,650 to its all-time high of $4,730. Yet, presently trading astatine astir $2,330, Ethereum sits implicit 52% beneath its erstwhile all-time high.

ETH Price Analysis

Predicting further terms volatility for ETH connected Wednesday up of the upcoming Fed complaint cut, determination are key levels to monitor. In the past week, ETH has established the $2,260 people arsenic a important enactment level. This terms constituent is crucial, arsenic it could enactment arsenic a buffer against a further diminution toward $2,200 oregon adjacent a retest of the adjacent large enactment astatine $2,100.

On the upside, the 50-day exponential moving mean (EMA) is presently positioned astatine $2,350, serving arsenic a formidable obstruction for Ethereum. This absorption level has been preventing the cryptocurrency from retesting the $2,400 people successful the adjacent term.

Should ETH negociate to interruption supra these absorption levels, bullish investors volition acceptable their sights connected the adjacent large resistance at $2,520. Just supra this level lies different captious hurdle astatine $2,620, wherever the 200-day EMA is situated. This level has not been surpassed since July of this year, erstwhile Ethereum’s terms fell beneath it, initiating the existent downtrend.