The third quarter has always remained quite eventful for Ethereum price, predictably increasing above 40%
Ethereum price has remained below $3,500 for six consecutive days, and, notably, the current phase of consolidation is quite in line with the one observed in mid-August. As such, the previous correction was extended more than two weeks. So should the same be expected this time around?
At the time of writing, ETH is changing hands at $3,293, still recorded a 15% drop in the past seven days.
Can Ethereum price pull off a 40% hike by the end of September?
The attitude of market participants, to a fair extent, plays a role in solidifying the direction of any ongoing trend. By and large, the collective sentiment of Ethereum Options traders seemed to be quite positive while writing.
At present, 1917 DBT contracts expect ETH’s price to reach $5500 by the end of this year. Keeping aside the long-term assertion, these market participants are pretty optimistic about the short term as well. As seen from Skew’s chart attached, 1731 contract holders expect Ethereum’s valuation to cross above $4100 by the 17th, while over 612 of them are looking forward to a $3500 breach on the same day.
Source: Skew
At present, this partly emphasizes the uptrend of the price. However, based on current prices and Ethereum struggling to hold the current $3,200 level, further highs next week seems quite possible at the moment.
The third quarter has always been quite eventful throughout price history so far for the biggest altcoin on the market. In 2015, 2018 and 2019, ETH’s quarterly RoI remained negative (-75%, -50% and -38%, to be precise). However, the market has evolved with time. Thus, if the bullish momentum persists and the buying pressure intensifies in the coming days, a quarterly close above 40% can be anticipated.
Source: Skew
Therefore, if the upside momentum continues and buying pressure increases in the coming days, a quarterly close above 40% can be foreseen. Judging by historical data, it is fair to state that Ethereum price will increase rapidly in the coming days and climb to a local high by the end of this month.
In another development, Shark Tank star Kevin O’Leary slammed Ethereum during his recent appearance on CNBC, pointing to the second-largest blockchain’s scaling problems.
Canadian businessman, politician, and television personality Kevin O’Leary
“I find Ethereum, as a user, it’s too slow. And so, there’s going to be other chains that are going to emerge”, O’Leary predicts that competing blockchains will end up challenging its dominance.
Recently, the likes of Cardano, Solana, and Polkadot have emerged as formidable Ethereum competitors. He predicts that another trillion dollars will flow into the Bitcoin market if the U.S. Securities and Exchange Commission (SEC) greenlights an exchange-traded fund.
“I’d figure there’d be another trillion dollars’ worth of buying into bitcoin. And we don’t have that yet, but that’s the opportunity”, he stated.
Read more:
- Retail Users Continue To Acquire Ethereum On A Large Scale Year-To-Date
- Whales And Exchanges Have Transferred Nearly $360 Million Worth Of Ethereum