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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.