Ethereum (ETH) is the second cryptocurrency in terms of capitalization after Bitcoin. So, the entire crypto community closely monitors its rate. Usually, ETH experiences a decline in September. Let's learn the reasons and what experts expect from Ethereum this month.
Why Ethereum often drops in September
Similar to the entire crypto market, Ethereum follows Bitcoin (BTC), the first and most capitalized cryptocurrency. At the time of writing (September 4, 2023), the correlation between ETH and BTC is at 87%. This means that Ethereum mirrors 87% of Bitcoin's price movements.
The orange circle is Bitcoin, and the blue circle is Ethereum. The point where both circles connect indicates the level of correlation between BTC and ETH. The correlation coefficient is evaluated on a scale from 0 to 1; so, 0.87 equates to 87%.
It may be assumed that to make an accurate Ethereum September 2023 price prediction, it is crucial to understand and observe the Bitcoin forecast. By the way, we have already released a detailed Bitcoin September price prediction, and it seems that BTC will spend this month in a downward trend due to three reasons:
🍂 September has historically been the worst month for Bitcoin;
👿 US watchdogs continue scrutiny over the crypto market;
📈 The US Fed persists with increasing the key rate, putting pressure both on the stock market and on BTC.
Read our full Bitcoin September 2023 price prediction to find out what six factors could affect the entire market this month.
Ethereum firmly follows Bitcoin’s footsteps; that is why ETH usually becomes cheaper in September.
Over the past 8 years, Ethereum has dropped 6 times in September.
The correlation between ETH and Bitcoin might decrease if positive news about Ethereum emerges. However, no important events were planned by the project developers in September. Thus, ETH is likely to go on repeating after BTC.
Ethereum forecast for September: expert opinion
The editors at itez asked Dmitry Noskov, an expert at the StormGain crypto exchange, to give an Ethereum price prediction for September. He also believes that this month will probably lower ETH value:
💬 "Considering that Ethereum is trading slightly above $1,600 at the end of August, it is unlikely for its price to increase in September. Possibly, ETH might break down the psychological level of $1,500", is how Noskov’s Ethereum September price prediction sounds.
Should I buy Ethereum now?
Most probably, Ethereum will drop in September. This is due to the fact that ETH often mimics almost every Bitcoin's movement, which usually enters autumn with a traditional decrease.
Nevertheless, there is also good news. Ethereum's decline could become a great opportunity for a profitable and long-term investment. You can buy ETH with a bank card for euros, British pounds and Turkish lira on the licensed itez platform.
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Bitcoin’s September Price Prediction
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This article is not an investment recommendation. The financial transactions mentioned in the article are not a guide to action. Itez is not responsible for possible risks. The user should independently conduct an analysis on the basis of which it will be possible to draw conclusions and make decisions about making any operations with cryptocurrency.
