Ethereum’s price performance in this year has been underwhelming, failing miserably to meet market expectations.
Many anticipated Ethereum to grow alongside Bitcoin to new record highs, but it has instead struggled, never reaching the $4,000 mark even at its peak.
Big promises, poor performance
The months of July, August, and September have traditionally been tough for Ethereum, we can clearly see a pattern of poor performance during these months.
While Ethereum generally posts strong returns in other parts of the year, the third quarter stands out for its frequent losses. And now, Ethereum seems already weak.
Over the past nine years, July has ended positively only three times, with six months closing in the red.
August mirrors this trend, with six losing months compared to just three gains. September has been negative five out of eight years.
Average returns for these months are modest at +5.51% in July and +6.98% in August, but September drags with an average return of -7.67%.
Not a good look at all. Median returns for all three months are negative, confirming that the third quarter is consistently Ethereum’s weakest.
Ethereum price prediction
Given this historical data, we can say it’s reasonable to expect Ethereum to struggle through the last part of the year. September could bring declines, making any recovery pretty unlikely in the near term.
Of course, there is potential for a rebound as the year draws to a close, with the possibility of prices picking up again in the final quarter. It’s just very unlikely.
Ethereum fundamentals
Investors may need to be patient, as the best opportunity for gains might not come until early 2025.
If past patterns hold, the first quarter of 2025 could see Ethereum reaching new highs, potentially surpassing $5,000, which would mark a doubling of its current price.
But it won’t be a smooth ride, as Ethereum’s narrative constantly change, and with switching to the proof of stake method, also fundamentals changed drastically, making the project more vulnerable.
