Ethereum Experiences Sustained Decline

Ethereum has experienced a sustained decline over the past month, with analysts not anticipating a rebound in the near term. The crypto market has attempted to recover, with Bitcoin surpassing $60k levels, but Ethereum has remained behind, trading at $2,410 as of writing, marking a 7.95% decline on monthly charts.

Ethereum's Downward Spiral

Since hitting a local high of $2,820, Ethereum has failed to maintain an upward momentum, declining to a low of $2,150. Prior to this market condition, ETH was enjoying favorability after hitting $3,563 in July amidst an increased ETFs frenzy. However, the market has been in a downward spiral, causing fears of more losses.

Analysts Remain Optimistic

Although the market conditions remain unfavorable, analysts continue to show optimism. According to popular crypto analyst CryptoWZRD, if Bitcoin rallies, Ethereum could experience a 48% surge to $3,550, tied to BTC's performance. This analysis suggests that Ethereum's rally is dependent on Bitcoin's ability to maintain its upward momentum.

Potential for Ethereum Rebound

Based on the analyst's prediction, if Bitcoin manages to surge, the Ethereum altcoin will recover and return to July levels, potentially reaching $3,550, a 48% increase from its current trading price. This optimistic outlook provides hope for Ethereum investors despite the recent market downturn.

Source: https://ambcrypto.com/will-ethereum-surge-48-to-3550-soon-analysts-weigh-in/

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