- Ethereum’s Q2 historically showcases bullish momentum with an average gain of 67.19%.
- Analysts observe past gains in Q2, with impressive surges of 453% in 2017 and 102.25% in 2019.
- Despite optimism, potential ETF rejections and resistance levels pose challenges to Ethereum’s upward trajectory.
As the second quarter (Q2) of 2024 commences, Ethereum (ETH) investors are eagerly scouring historical data to gauge the potential performance of the second-largest cryptocurrency by market value. Ethereum’s price history unveils a compelling pattern in Q2, characterized by robust bullish trends, boasting an average gain of 67.19%.
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Renowned crypto analyst Ali recently shared a revealing snapshot of Ethereum’s quarterly returns, highlighting remarkable surges of 453% and 102.25% in Q2 of 2017 and 2019, respectively. These impressive figures underscore Ethereum’s historical capacity for substantial gains during the second quarter, with a median gain of 15.29%.
This consistent positive trend has piqued the interest of investors who perceive Q2 as a promising period for Ethereum, anticipating another season of formidable gains. However, amidst this optimism looms the specter of potential rejection for spot Ethereum ETFs, which could precipitate significant price volatility, dampening the bullish outlook.
On a positive note, Ethereum’s price currently exhibits promising signs above the $3,550 zone, hinting at the potential for bullish momentum if it breaches the $3,650 resistance zone in the near term. Ethereum has initiated another upward trajectory from the $3,500 support zone, trading above $3,550 and the 100 hourly simple moving average.
A critical bullish trend line is forming, offering support at $3,550 on the hourly chart of ETH/USD, suggesting the possibility of sustained bullish momentum upon surpassing the $3,650 resistance zone.
Conversely, Ethereum faces challenges in breaking the $2,550 resistance, which could trigger a downward correction if it descends below the $2,475 support. Currently, Ethereum consolidates gains below the $2,550 resistance zone, trading above $2,480 and the 100 hourly simple moving average.
Despite a breakout below the bullish trend line, connected to support at $2,515 on the hourly chart of ETH/USD, Ethereum could potentially initiate a fresh uptrend if it maintains above the $2,475 support zone.
Should Ethereum breach the $3,650 resistance, the price trajectory may propel towards $3,800, with further potential targets at $3,880 or $4,000. Conversely, failure to breach the $2,550 resistance could trigger a downward correction, finding initial support at $2,475, followed by the critical support at the $2,460 zone.
At present, ETH reflects a 1.59% decline in the last 24 hours, settling at $3,558. Ethereum briefly surged above $3,600 over the weekend, following a 25% decline between March 11 and 19. According to Santiment, the number of ETH addresses holding coins has reached a peak of 118,230, with medium-term MVRV signaling a mild bullish sentiment.
Looking ahead, Ethereum continues to hold immense potential within the crypto industry. Despite short-term market fluctuations, Ethereum’s underlying technology and robust ecosystem position it favorably for sustained growth and innovation.
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