On Friday, most digital currencies were experiencing positive price movements following significant gains between Wednesday and Thursday. These market-wide increases helped recover from a brief dip earlier in the week, which was a result of a slow start.
Ethereum (ETH), which has been displaying renewed strength recently, was priced at $2,689 at the time of reporting, with buyers aiming for a close above $2,770 for the first time since August 24.
It’s interesting to note that ETH has been outperforming Bitcoin in the latter part of the month, accumulating gains of 16.34% since September 15.
Furthermore, according to Coinglass data, ETH’s value surged by 11.26% last week, whereas BTC saw a 7.38% increase. While both cryptocurrencies have slowed down this week, they are still set to achieve their third consecutive weekly gains.
Bitcoin Enthusiasts Eyeing Substantial Monthly Profits
Despite its recent resurgence, Ethereum has witnessed a 20.75% decline over the past three months. This drop is particularly notable, considering the high hopes for a rally after the launch of a U.S.-based Ethereum exchange-traded fund (ETF) on July 23, aimed at institutional investors, which has not met expectations thus far.
With just a few days left in the month, Bitcoin is leading in terms of monthly returns among major altcoins. In fact, if Bitcoin manages to sustain a price above $65,000, it is on track to secure double-digit profits for the month. On the contrary, Ethereum is forecasted to gain around 5.70% by the end of September at its current price.
Projected Price Targets for BTC and ETH as Q4 Approaches
As we approach the weekend, investors are closely watching the monthly closing prices for both cryptocurrencies. Bitcoin was hovering around $66,000 with crucial support at $62,800, while Ethereum remained above the $2,600 mark.
Market analysts have set short-term price goals ranging from $68,000 to $70,000 for Bitcoin and $2,760 to $2,820 for Ethereum. Nonetheless, a potential correction, particularly if the momentum weakens, signals a need for caution regarding long positions. If the bullish momentum fades, bears could take over during the weekend, leading to price declines, similar to what occurred in July.
In the event of a Bitcoin retracement, the downside targets include dropping below $62,000, with a possible slide down to $57,400. Ethereum, on the other hand, faced resistance at $2,770 on August 24, causing its value to retreat to $2,430 three days later.
Ethereum’s upward price potential is also influenced by increased ETH issuance rates, which might exert downward pressure on its movement. Ultrasound Money data shows that in the last 30 days, a total of 54,098.4 ETH has been added to the supply, resulting in a 0.547% annual inflation rate.