So far in 2024 Ethereum Price Performance failed to live up to market expectations. Instead of soaring with Bitcoin to fresh all-time highs as expected, it stalled and failed to reach $4,000 even at its peak. Now that Q3 is in full swing, Ethereum price may still be a long way from fresh all-time highs, considering that it has historically been the worst quarter for the second-largest cryptocurrency by market capitalization.

How Ethereum is doing in Q3

The third quarter of the year, consisting of the months of July, August, and September, has always been rather bearish for Ethereum price. We can see this from the data presented on the Coinglass website, which tracks the altcoin’s monthly profits since its launch in 2016.

While the average return in most of the other months was quite high, these three months were among the lowest performers, with the third quarter seeing more red months than green months over the years.

To put this in perspective, over the nine-year period, July ended in the green only 3 times, with 6 negative months. August also followed the same pattern, with 6 negative months and 3 green months. September, over the eight-year period, ended in the red 5 times, compared to only 3 times in the green. As a result, the average monthly returns for these months are +5.51%, +6.98%, and -7.67%. Then, the median returns came in negative across the board.

These results show that Q3 of the year has always been the most bearish. Ethereum, on the other hand, has seen its best returns in Q1 of the year, closely followed by Q2. Therefore, as we get closer to the end of the year, bearish on Ethereum price gets.

What to expect

Given the historical data and assuming that Ethereum price continues this trend, the altcoin may not see any significant recovery from this point towards the end of the year. The data suggests that September could turn out to be even worse with deeper losses.

However, entering the last quarter of the year may bring some relief to investors as prices may rise again. However, the real gains may not come for several months, until the first quarter of 2025, when the Ethereum price sees its best returns.

Furthermore, if this pattern continues, Ethereum price could reach a fresh all-time high in the second quarter of 2025. That would mean crossing $5,000, which would mean a doubling from that point.

Featured image created with Dall.E, chart from Tradingview.com