Mulhem Predicts ETH Rebound, $6,500 Q4 Base Case
Financial analyst Suliman Mulhem says Ethereum (ETH) still has significant upside potential despite a 150% rally from its April lows. While Ether fell below $1,700 in April and retraced to under $4,500 after an August all-time high, Mulhem expects ETH to rebound above $4,500 in September. He identifies September’s ADP and BLS employment reports as key catalysts. Moderate jobs growth (60,000–80,000) could prompt a Fed rate cut without stoking recession fears. Conversely, strong payrolls may delay easing, while weak data paired with tame inflation could spur a 50bps cut and a V-shaped ETH recovery. Looking ahead, Mulhem forecasts ETH reaching a $6,500 base case in Q4, driven by record ETF inflows, corporate accumulation, rising retail interest, tokenization growth, and potential approval of ETH ETF staking by year-end. These factors create a bullish outlook for ETH traders.
Bullish
This news is bullish because Mulhem highlights multiple positive catalysts likely to drive Ethereum’s price higher. Historically, moderate economic data that prompt Fed rate cuts without recession risks have triggered crypto rallies, as seen after June’s easing signals. Record ETF inflows into ETH funds and growing corporate and retail accumulation mirror the Bitcoin ETF launch effect, typically boosting demand and price. The potential approval of ETH ETF staking could amplify institutional interest and lock up supply, further supporting long-term upside. In the short term, anticipated September data could spark a V-shaped recovery above $4,500. Overall, converging tailwinds from monetary policy, ETF demand, tokenization, and staking point to a sustained bullish trajectory for ETH.