Ethereum’s 2024 roadmap – A repeat of how ETH performed in 2016, 2019?

• Ethereum shaped related buildings on the value charts at related occasions
• ETH set to shut the hole created after falling under the important help band

Ethereum’s [ETH] current value restoration from the $2,100-level has sparked hypothesis that it might replicate its 2016 and 2019 successes in 2024.

With Ethereum (ETH) poised to shut a weekly candle above the $2,800-$2,900 vary, many consider a bull run is on the horizon. This, particularly because the Federal Reserve prepares for rate of interest cuts in September.

The truth is, historic patterns reveal that ETH/BTC broke down in 2016, 2019, and now in 2024, with earlier breakdowns resulting in rallies in September.

Supply: TradingView

Notably, in each 2016 and 2019, ETH peaked on 19-20 September. These dates are near the date when the Fed is scheduled to chop charges subsequent month (18 September). This may very well be greater than only a coincidence although, signaling potential features for the world’s largest altcoin.

ETH/USD weekly outlook

On the time of writing, ETH/USD remained under its 20-week Easy Shifting Common (SMA). Quite the opposite, Bitcoin (BTC) and a number of other different altcoins have already reached their bull market help bands.

Supply: TradingView

As the speed reduce approaches, ETH would possibly shut the hole created after it fell under this help, echoing the bullish patterns seen in 2016 and 2019. This similarity might reinforce the potential of ETH repeating its earlier successes.

Ethereum Layer 2 each day transactions surge

Ethereum’s Layer 2 options are seeing unprecedented development, with each day transactions hitting a document 16.87 million on 21 August, based on OurNetwork.

The Ethereum ecosystem is scaling quickly, with main developments together with Sony’s entry into Web3 by its new division – Soneium.

Supply: OurNetwork

This platform, powered by Optimism’s OP Stack and built-in with Astar, Chainlink, and USDC, goals to make blockchain gaming mainstream.

Elevated exercise on the ETH blockchain resulting from such improvements might drive costs greater, paying homage to the 2016 and 2019 rallies.

Influence of the broader crypto market and USD

The broader crypto market turned inexperienced lately after Federal Reserve Chair Jerome Powell hinted at a September charge reduce. This momentum is prone to proceed with ETH, a significant participant within the crypto trade since it might be poised for a value surge on the charts.

Furthermore, any weakening of the USD, anticipated because the Fed adopts a extra dovish stance, might additional enhance ETH’s value.

The Federal Reserve, much less hawkish now than at any level because it started elevating charges, is ready to chop charges. This has traditionally led to the greenback’s weak spot. This will likely be a big driver pushing ETH costs greater, similar to throughout its earlier bull runs.

Supply: Ecoinometrics