Ethereum enjoyed a very good run at the beginning of 2024, as investors hoped that this was an unmissable chance for the market to rise above the troubles and stagnation of the past few years and achieve new all-time highs. But it turns out this is easier said than done, as the market ran into blunders again and has been struggling to consolidate its positions as a result. Things are not as challenging as they used to be, and there are many reasons to be optimistic, but investors must still tread carefully or risk incurring significant losses as a result of impulsive moves and transactions. Alongside the general ETH prediction metrics, the BNB price prediction values also remain positive, showing that there’s plenty of potential for growth over the next few months.
Bearish trends
The bear market of 2022 has been widely regarded as one of the most difficult in the entire history of cryptocurrencies. In the span of only a few months, most coins lost around 70% of their total value, a severe blow to the market and the investors who saw their funds essentially melting away. Many decided to sell everything they owned altogether in order to avoid the likelihood of losing even more money. Those who persisted were eventually rewarded as the prices rallied again, but even those gains didn’t ultimately last very long.
At the beginning of July, the total market cap level of all crypto assets dropped under $2 trillion, a level that has not been recorded since late February. Ethereum dropped 18% as a result of this news, going below $3,000 in an individual price correction of its own. The plunge from $3,450 to $2,815 mirrored the 16% decline of the crypto sector, taking place over seventy-two hours. The only cause for this appears to be the worsening sentiment regarding cryptocurrencies, with analysts indicating that the downturn was also exacerbated by higher selling pressure on Bitcoin.
Many researchers and investors believe these trends indicate the arrival of a very bearish tendency, but that isn’t necessarily a reason for concern. The marketplace can handle a slowdown, as Ethereum is not as vulnerable as it used to be, and it is highly unlikely that a massive correction can intervene.
2024
When it comes to making price predictions, the crypto community members are masters of their trade. Although the estimations are not 100% accurate, they are still based on historical data and analysis, meaning that there’s a fair likelihood that one of the scenarios could occur. Investors look at these predictions as a way to figure out what kind of transactions and market movements they should complete next, and while they’re not the only factor, they are definitely an integral part of a good trading strategy. There are short- and long-term forecasts that you should consider depending on the positions you’ll use and whether you prefer trading or holding on to your assets for a longer while so that their value can be appreciated more.
So far, summer 2024 has not been the most outstanding season for Ethereum, but this isn’t exactly a surprise. The investors who have been around for a while and accumulated experience over a couple of years know that prices tend to drop during summertime. It can be nearly impossible for rallies to gain the momentum they need, so stagnation is also very common. So far, 2024 has reinforced this belief, and there seems to be no sign of immediate change anytime soon. August 2024 seems set to offer nothing more than a relatively price action, so you shouldn’t make any far-fetched plans. The price is expected to move between $3,787 and $3,000 during the last month of summer, so make sure to look after your portfolio to avoid the possibility of losses becoming more substantial than gains. These price swings may not seem like a lot, but they can affect your investments.
The predicted price range for the entire year is set to have resistance levels around $4,648 and $2,956 for the upper and lower levels, respectively. The average will most likely remain stationed somewhere around $3,671. If the coin drops closer to the lower levels, then it is an opportunity to start buying. Based on the price action that the market has seen so far during this year, the estimated “buy the dip” level is somewhere around $2,888. In fact, this area was already successfully tested in 2024 and is expected to hold at least until November.
2025
With 2024 more than halfway done, investors have already begun discussing the predictions for the following year. 2025 is expected to be a year of consolidation for the Ethereum environment. A 2024 retracement will also impact the marketplace in the upcoming year, so a cup and handle chart pattern might take place. This technical indicator shows price movements affected by a downward trending price pattern. It is considered a bullish signal that extends an uptrend and can be used to pinpoint investment opportunities. Many users employ this metric as a guideline telling them where to place the stop-buy order to remain profitable. Typically, this is slightly above the upper trendline of the handle.
If Ethereum drops to $2,550, under the 68.2% retracement level, a bullish rally will finally take place. This tendency will likely be exceedingly strong and take 2025 by storm entirely. It is also highly possible that the trend will continue in the future, so investors might be looking forward to a couple of years during which the price action remains elevated. The volatility might be challenging to deal with if you have no previous experience, so it’s essential to have a solid strategy to keep your assets safe.
To sum up, Ethereum may still be going through a rough patch, but it’s clear that this won’t be forever. Remember that any price tendency is momentary in the crypto world and that things constantly change sooner or later. While a bullish run might seem impossible at the moment, there’s no denying the fact that it is only a matter of time until prices start climbing. When that happens, you must be prepared.
