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Ethereum has been performing poorly against Bitcoin, with Ethereum falling behind Bitcoin by 12% in the last month, compared to Bitcoin’s 3% decline.
As ETH continues to worry its investors with the declines it experiences, 10X Research analysts predicted that Ethereum could continue to decline.
Ethereum (ETH) Will Bottom in 2-4 Months!
Analysts pointed out that the predictions of a decline in ETH have been correct so far and said that they predict that Ethereum may bottom in the next 2-4 months.
Analysts stated that the consolidation process in Ethereum may continue and that it is not right to expect an immediate recovery in the ETH price.
10X Research analysts, who expect Ethereum to bottom in 2 to 4 months, explained the indicators that investors should follow in order not to miss the rise:
“Traders should monitor medium-term reversal indicators such as the RSI and Stochastic. These indicators may signal a trend reversal after reaching oversold levels.”
Ethereum Could See Another Sharp Drop!
Apart from 10X Research analysts, popular analyst Benjamin Cowen also said that the decline in ETH will continue.
Speaking on the Bankless podcast recently, Cowen said he predicts a deeper correction in Ethereum before the end of the year.
The analyst claimed that Ethereum could fall by more than 48% from its current value before recovering in early 2025.
At this point, the analyst stated that ETH might be following a pattern similar to the logarithmic trend line in 2016 and 2019, and argued that the ETH price could drop to $1,200 after the bull rally.
“My current prediction is for ETH/USD to stay above $2,000 for a bit longer.
But ETH goes below $2,000 in Q4 and then, starting next year, bounces off of there.”
Ethereum continues to trade at $2,360 at the time of writing.
*This is not investment advice.