The price of Ethereum has fallen by 3.5% to $2500 during the U.S. market session, in line with the broader crypto market pullback. However, historical data suggests that Ethereum tends to perform well in Q4, with an average growth of 20.8%. This indicates a potential bullish trend for ETH in the coming months, with the possibility of surpassing the $3,000 psychological level.
Whales holding between 100,000 and 1 million ETH have been actively accumulating since August, which could indicate a bottom formation and strong support around the $2,000 price level. The increased activity among large holders and the growing concentration of ETH supply in top addresses suggest confidence in the asset’s future potential.
On the other hand, Ethereum’s underperformance compared to Bitcoin can be attributed to the focus on Bitcoin’s “digital gold” narrative and the interest in Bitcoin ETFs. While the high correlation between Bitcoin and Ethereum previously hindered ETH’s independent rally, it can now potentially boost its price for a higher rally.
In the long term, Ethereum has the potential to reach $10,000, supported by healthy retracement and whale accumulation. Short-term forecasts indicate a potential 18% drop to $2000, followed by a recovery leap to $3,500. The market sentiment remains bearish in the short term, but a bounce off the $2000 support level could lead to a significant recovery in the Ethereum price.
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