Ethereum Price Continues to Plummet in Record-Breaking Bearish Quarter: Forecast Ahead

In 2024, Ethereum’s price performance has not met market expectations. Instead of surging with Bitcoin to new all-time highs, it struggled to surpass $4,000 during its peak. As the third quarter unfolds, Ethereum’s price appears distant from reaching new all-time highs, especially considering that historically, this quarter has been challenging for the second-largest cryptocurrency by market capitalization.

The third quarter, spanning July, August, and September, has consistently been bearish for Ethereum’s price. Data from the Coinglass website, which monitors monthly returns for the altcoin since its inception in 2016, illustrates this trend. While other months have seen relatively high returns, the third quarter has experienced more negative months than positive ones over the years.

For instance, July has only ended positively three times out of nine years, with six negative months. August follows a similar pattern, with six negative months and three positive ones. September has seen more red months than green, with five negative years compared to three positive ones. The average monthly returns for these months stand at +5.51%, +6.98%, and -7.67%, respectively, with all median returns being negative.

These statistics highlight the third quarter as historically the most bearish period for Ethereum. In contrast, the cryptocurrency has seen its best returns in the first and second quarters. Therefore, as the year progresses, Ethereum’s price tends to become more bearish.

Considering the historical data, it is likely that Ethereum may not experience a significant recovery towards the year’s end. September could potentially see further losses, aligning with the trend of the third quarter. However, entering the final quarter may offer some relief to investors as prices could start to rise again. The real gains, however, may be more achievable in the first quarter of 2025, a period known for Ethereum’s best returns.

If this trend persists, Ethereum’s price could potentially reach a new all-time high by the second quarter of 2025, surpassing $5,000 and indicating a 2x increase from its current levels. This projection suggests a positive outlook for Ethereum’s price in the coming years.