 Ether poised for price breakout after summer slump in crypto markets 
2024-09-09

Ether could be nearing a price breakout, based on its current valuation combined with improving macroeconomic conditions following the summer slump in crypto markets.
Ether ETHUSD price could be near its local bottom, following an over five-month downtrend that started at the end of March.
Based on a key technical chart pattern, Ether could be set to break this downtrend, according to crypto analyst and entrepreneur Michaël van de Poppe, who wrote in a Sept. 9 X post:
Cointelegraph
A bullish divergence is a technical formation used by traders to identify a strengthening in market momentum following lower lows. The indicator is associated with price reversals from downtrends and suggests that Ether’s price could break out against Bitcoin BTCUSD.
Ether whales are re-emerging after the summer crypto market slump
Following the summer illiquidity in crypto markets, whales, or large Ether holding entities, are re-emerging.
A savvy whale bought 5,000 ETH, worth over $11.4 million, in the past two days, according to a Sept. 9 X post by onchain intelligence firm Lookonchain:
Cointelegraph
Whales can significantly impact a cryptocurrency’s price action due to the high amount of market-moving capital. Traders often follow whale selling patterns for cues on a cryptocurrency’s short-term price trajectory.
Ether price remains in an over five–month downtrend despite ETH ETFs
Ether price has been in a continuous decline since the end of March, despite the historical debut of the first US Ether-based exchange-traded funds (ETFs).
Ether price fell over 32% since the US Ether ETFs debuted for trading on July 23 — when ETH was trading above $3,400. Cointelegraph
This is partly because of the continuous negative outflows, since the ETH ETFs recorded over $568 million in cumulative net outflows since launch, according to Farside Investors data.Cointelegraph
Investors anticipated a significant price increase from the launch of the Ether ETFs. For Bitcoin, ETFs accounted for about 75% of new investment in the cryptocurrency by Feb. 15 as it surpassed the $50,000 mark.