Ethereum (ETH) is in blood form and has its best third quarter ever. But with a little more than a month to go, a lot could change. People are particularly afraid of September, because it has anything but a good reputation for the Altcoin.
ETH has already increased 91 percent
Since July, the course of Ethereum has risen by more than 91 percent. With that, the currency leaves the previous best third quarter, with a profit of 59.5 percent, far behind.
At the start of the quarter you could still pick up ETH for just under 2,500 dollars. In the meantime, the price is almost at $ 4,800. On Friday, a new historical highlight of $ 4,890 was even reached, which has just been killed the old record from November 2021.
Ethereum has thus made an impressive comeback. Where the Munt was previously considered the care child of the Bullmarkt, rejected three times around 4,000 dollars and even knocked back to 1,400 dollars due to the trade war of Donald Trump, the rate has been restored by 253 percent in four months.
The September
The big question now is whether Ethereum can hold on to this momentum. After all, the quarter is not over yet.
Nobody knows the answer, but the historical data does not paint a rosy image. September is known as one of the worst months of the year for ETH.
According to figures from Coinglass, the currency lost an average of 6.42 percent in the late summer month. Only June does it worse, with an average decrease of 6.85 percent. Pluses are listed in all other months.
For the past two years, ETH managed to rise in September, but otherwise that happened only twice before. Moreover, the losses in bad years are large, especially between 10 and 20 percent.
It is also striking that there has never been a green September month when Augustus ended in the Plus. The latter seems to happen anyway, since the price is now almost 29 percent higher than on 1 August.
Yet the past does not have to dictate everything. This cycle differs from earlier on many points. Retail investors are largely still on the sidelines, while the market is running in the institutional money.
In addition, September this year can even bring a positive catalyst: a possible interest rate reduction of the US central bank. Last Friday, FED chairman Jerome Powell shed through that the weakening labor market can be a reason for a policy change.
That sounds like good news, but it can also cause a dip, simply because the market has already largely priced the news. But that again depends on the economic data that we are still going to get.
Source: https://newsbit.nl/ethereum-heeft-beste-q3-ooit-maar-september-kan-feestje-verstoren/
