Ethereum: Is there an ‘80% chance’ of ETH crossing $3K in September?

• ETH will rally above $3K in September, per analyst. 
• Demand for ETH from U.S. investors was positive. 

Ethereum [ETH] could reverse recent losses and climb above $3K next month. This was the ETH price prediction for September by market analyst Michael van de Poppe.

Poppe noted that the last time ETH closed in the red for more than three months was before the 2018 bear market.

Given that the market cycle was perceived to be in a bull market, Poppe believed that the odds of ETH cruising to $3K in September were higher than 80%. 

“I think that the chance of $ETH being above $3,000 in September is larger than 80%.”

Will ETH reverse recent losses?

Source: ETH/USDT, TradingView

On the weekly charts, ETH recent dump eased at a weekly support area near $2500. Historically, it took ETH about three weeks to climb to $3500. The same scenario played out in early 2022 and early 2024. 

Meanwhile, the Stochastic RSI (Relative Strength Index) was in oversold territory, suggesting a price reversal was likely. 

However, ETH had to clear the $3000 hurdle and range-lows to eye extra recovery gains. Additionally, the largest altcoin demand has been in a downtrend, as shown by the declining weekly RSI.

The downtrend in demand would have to be broken if Poppe’s projection was to play out. 

ETH demand remains positive

Source: CryptoQuant

On the demand front, U.S. investors have shown an increased appetite for the altcoin, as illustrated by the positive Coinbase Premium Index.

The recent U.S. spot ETH ETFs saw some positive inflows last week as BlackRock’s ETHA eyed the $1B mark. 

Historically, positive demand from US investors has coincided with ETH’s recovery or rallies. So, a sustained positive Coinbase Premium could see ETH rebound further. 

Meanwhile, speculators in the Futures market were bullish on the largest altcoin, as shown by the positive Taker Buyer Sell Ratio, which tracks buy volume against sell volume to gauge traders’ sentiment.

A positive reading meant that bullish sentiment was dominant at press time. 

Source: CryptoQuant

Read Ethereum’s [ETH] Price Prediction 2024-2025

If the above positive on-chain readings persist over the next few days, ETH’s rally to $3K and beyond could become a reality. 

However, ETH gas fees have been hitting record lows, a sign of a slump in network activity that could dent strong recovery prospects, at least in the short term.