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On June 1, the Ethereum price was nearly $3,815. It climbed to a monthly peak of $3,865.77 on June 5. Between June 6 and 11, the price sharply plummeted from $3,865.39 and $3,497. In the period between June 12 and 22, the price mostly fluctuated inside the range of $3,470 and $3,654. On June 24, the price dropped below the critical level of $3,400. A recent post on X by crypto expert Ali suggests that the Ethereum market has been in a steady downtrend since dropping below $3,400 in June. Let’s dive in to learn the details.
Ethereum’s Decline Since June 23
Ali used the MVRV Momentum indicator to arrive at his observation. This is a popular metric used to measure market value relative to realized value. The indicator shows that the downtrend in the Ethereum market started after it fell below the $3,400 range in June.Â
Ethereum’s Current Market Outlook
Ethereum has continued to struggle to maintain higher price levels since the June dip. In late July, it rose to a monthly peak of $3,536. On July 25, it slipped to a low of $3,176. In August, between 1st and 7th, the market plummeted from $3,232 to $2,343. In September, between 3rd and 6th, the market witnessed another major drop; it fell from $2,537 to $2,225. On September 17, strong buying pressure emerged, supporting the market to recover from the fall faced earlier that month.
The momentum took the price to a monthly peak of $2,694. In October, the market opened with two consecutive large red candlesticks. On October 3, the price dropped to a low of $2,349. Although, between October 4th and 8th, the market attempted to recover from the initial drop of the month, it suffered a sharp decline on October 9, when the price decreased from $2,440 to $2,370 in a single day. Right now, the price stands at $2,380.
Future Implications for Ethereum
The expert’s observation indicates that the border trend is not favorable towards the Ethereum market. It triggers a crucial question: will the market drop further in the coming days?
In conclusion, the observation of the expert raises serious concerns about the future prospects of the Ethereum market. In the previous year, the market provided an impressive return of +36.5% in Q4. Since 2015, at least five times, the market has provided positive returns in Q4 – the highest was the return of +151% recorded in 2017. Many expect that this year also the market will show stunning performance in Q4. Can the market live up to the popular expectation? Only time will tell!Â
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