September’s correction could send ETH to $ 3,500: analyst

September’s correction could send ETH to $ 3,500: analyst

Ether prices could fall an additional 20% of current levels if the history rhyme and correction is deepened this month.

Now that Ethereum has run the previous maximums of all time in August, “I think Eth will return to its 21 -week Ema [exponential moving average]”Said ICT Crypto Benjamin Cowen founder on Monday.

This could return ETH to around $ 3,500 before a new historical maximum at the end of the year is recovered and pushed.

“Many people will get angry with this idea, but this has been the plan since Eth ‘went home’ in April,” he said, referring to the April dump below $ 1,500.

Slumpotember has arrived

During the last two years of the upward market, there has been an important correction in September. According to Coinglass, six of the last ten members of the September have seen price decreases for ETH, with an average loss of around 6%. However, ETH corrections have been much greater in the years of the upward market.

In September 2017, ETH fell into 21.6% and in the same month in 2021, it lost 12.5%. The asset recovered to obtain a new historical maximum a few months later, so this month could provide a purchase opportunity. The long -term perspective for Ethereum is extremely optimistic now that Wall Street has begun to accept the asset.

In addition, whales are still buying, with Arkham Intelligence on Monday that a whale that has $ 5 billion in Bitcoin has just bought $ 1 billion in ETH and now has attached everything.

‘Defi dad’ published some ‘Moon’ Moon ‘Ether this week, predicting that the asset will have a market capitalization much higher than its current $ 523 billion.

“Based on its position as the most reliable and reliable world older book for Stablecoins, RWAS, the native defi assets and the default choice of tradfi token … easy to imagine Eth in command of a market capitalization of $ 35 billion or more by 2032/2034, provided that ETH is inevitably faced or turns the BTC market capitalization.”

Meanwhile, Ethereum’s educator, Anthony Sassano, observed that ETFs and Ether Treasury bonds bought more than 33 times more ETH from what was issued by the network in August.

ETH price retreats

Despite these clearly optimistic long -term perspectives, weak retail hands continue to sell the asset.

Ether has retired again today, falling from a maximum intradic of $ 4,480 to a minimum of $ 4,250 in the late negotiation on Monday. ETH had recovered to reach $ 4,350 during the Asian trade session on Tuesday morning, but has been printed high and lower ups and downs during the past week as the bearish trend continues.

Most likely, this can continue during most of this month before a recovery in the fourth quarter.

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