According to Cointelegraph, Ethereum (ETH) has faced challenges in gaining upward momentum since early 2024. Bitwise Asset Management's Chief Investment Officer Matt Hougan stated that Ethereum might become a dark horse in 2025. Hougan noted that Ethereum has been struggling, especially after hitting a 42-month low against Bitcoin (BTC) on September 16. Nevertheless, he remains optimistic about Ethereum's future, although he expects the price action to remain weak for the rest of the year. Hougan believes that as the November elections approach and regulatory clarity emerges, the market might reassess Ethereum, making it a potential contrarian bet before the year's end.

Hougan also pointed out that Solana (SOL), Ethereum's biggest competitor, has risen 38% year-to-date, while Ethereum has remained flat. However, Solana's price has also struggled against Bitcoin, with some analysts predicting it will follow Ethereum's downward trend. The pseudonymous crypto trader GGG suggested that Ethereum might see further declines in the short term, likening the current situation to a lower drop after a bear market rally. The launch of the first Ethereum exchange-traded funds in July had little positive impact, with net outflows being negative since then, and ETH prices have dropped nearly 30%.

The well-known analyst Crypto Bullet mentioned that if ETH prices fall further, the next correction could lead to a triple bottom pattern, potentially triggering a rebound in the fourth quarter of 2024. According to crypto trader Inmortal, on the 3-day chart, Ethereum's price is retesting its 700-day accumulation range, which serves as significant support around $2,200. To gain more upward momentum, Ethereum's price needs to stay above this critical long-term support level. CoinGlass data shows that a potential break below $2,200 could trigger over $1 billion in leveraged short liquidations across all exchanges.

As Bitcoin enters the parabolic phase of its bull market cycle, Ethereum's price might also gain momentum. Based on historical chart patterns and Bitcoin's average monthly returns in the fourth quarter, some analysts predict Bitcoin will rise to $92,000 within the three months starting in October. This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

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