September’s Green Surprise for Ethereum and Dogecoin
September, traditionally a bearish month for crypto, bucked the trend for both Ethereum and Dogecoin.
Ethereum: ETFs and a $4,000 Hurdle
Ethereum, the largest Proof of Stake (PoS) network, saw a surge in price but still faced hurdles. While interest in Ether ETFs waned, Dogecoin developer Billy Markus, known as Shibetoshi Nakamoto, sparked a discussion on whether Ethereum could hit a new all-time high before 2025.
However, most crypto enthusiasts remained skeptical, and the current price of ETH is still below the 2021 milestone of $4,878.26. A strong Bitcoin rally above $74,000 would be crucial to boost Ethereum, which also faces resistance at the $2,700 level.
Dogecoin: A 20% Jump and Sarcastic Remarks
Dogecoin (DOGE), the meme-inspired cryptocurrency, enjoyed a 20% gain over seven days, reaching new monthly highs.
The price surge prompted questions about the reason behind the rally, to which Markus sarcastically replied, “Q: why is dogecoin up 20% this week? A: no idea.”
Despite the price surge, Markus continues to emphasize his detachment from the project, stating that he hasn’t been involved with Dogecoin development or held DOGE assets for a long time.
Crypto Market Sentiment
The September price action highlights the unpredictable nature of the crypto market. Both Ethereum and Dogecoin’s performance is influenced by various factors, including investor sentiment, market correlations, and even tweets from prominent developers.
The recent rally, fueled by positive news and the Federal Reserve’s interest rate cut announcement, has increased investor confidence, as indicated by the Crypto Fear & Greed Index (RSI) reaching 61. However, it remains to be seen whether this optimism will translate into sustainable price growth.
