September Sell-Off May Push ETH to $3,500 Before Year-End Rally
Ethereum price could dip as analyst Benjamin Cowen forecasts a September sell-off pushing ETH back to its 21-week EMA near $3,500, a potential 20% decline. Historical data from CoinGlass shows six of the past ten Septembers in bull markets saw average losses of 6%, with deeper declines of 21.6% in 2017 and 12.5% in 2021. Despite bearish short-term pressure from retail selling and lower highs, long-term outlook remains bullish. Wall Street embraces Ethereum, whales continue buying, and spot ETH ETFs and treasuries acquired 2.56 million ETH in August—over 33 times net issuance of 76,709 ETH. Traders may seize this buy-the-dip chance before a year-end rebound to new all-time highs.
Bearish
Classified as bearish due to the anticipated September pullback. Historically, ETH prices have tumbled in six of the past ten bull-market Septembers—most significantly in 2017 and 2021—aligning with Benjamin Cowen’s forecast of a 20% drop to the 21-week EMA around $3,500. Increased retail selling and lower highs support a near-term downtrend. However, robust ETF inflows and whale accumulation suggest strong long-term fundamentals. Traders may expect heightened volatility through September before a potential Q4 recovery, making this news bearish in the short term but neutral-to-bullish over the longer horizon.