Ethereum Struggles to Maintain Support as Analysts Predict Choppy September
Ethereum (ETH) is currently facing challenges in maintaining support around the $4,500 level. Recent data indicates:
- August closed at $4,390, marking the highest monthly close since November 2021.
- ETH dropped to around $4,250 after a market correction, a 14% decline from its all-time high of $4,956.
- September has historically been a weak month for ETH, averaging a negative return of 6.1% with five double-digit losses since 2016.
- However, October and November usually show improvement, with average returns of 4.7% and 7.8%, respectively.
- Institutional accumulation remains strong, with only 18.3 million ETH on exchanges.
Analysts predict a potential correction of 10%-20% this month, targeting the $3,900-$3,400 range as an accumulation zone. Current trading price is $4,268, reflecting a 4% daily decline. A breakout above local ranges could lead to new highs.
