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The Ethereum price is trading in red on the daily time frame. At press time, ETH was trading down 1.92% in the last 24 hours to $4,441, according to CoinMarketCap data.
According to community analyst at CryptoQuant Maartunn, Ethereum recently saw a taker sell volume of $1.2 billion, which has pushed its price lower in the last 24 hours.
Ethereum fell for three consecutive days since a high of $4,768 on Sept. 13 and is now entering a fourth day of dropping, reaching an intraday low of $4,425.
The crypto community is seeing mixed trading in the early Tuesday session as investors traded cautiously ahead of the Federal Reserve’s interest rate decision this week.
Investors are awaiting the outcome of the Federal Reserve’s Federal Open Market Committee meeting, which begins on Tuesday and will conclude on Wednesday.
Ethereum price prediction
In a recent CNBC interview, Ethereum-focused MicroStrategy-style company BitMine Chairman Tom Lee predicts that Ethereum might be a beneficiary of the Fed's rate cut.
Wu Blockchain cited Tom Lee's prediction of the Nasdaq 100 (Mag 7 + AI sector), Bitcoin and Ethereum being the biggest beneficiaries in the event of a Fed rate cut.
Tom Lee predicts that Bitcoin and Ethereum "could see a sharp rally in the next three months," as well as small-cap stocks and financials.
In a separate tweet, Lee shared an Ethereum price prediction that indicated that the price might consolidate in the near term, with ETH reaching $5,500 by mid-October.
Wall Street giant Citigroup predicts a Base case Ethereum price of $4,300 by year's end, which would be a drop from current prices. Citigroup puts its bullish case target for the Ethereum price at $6,400 and the bear case at $2,200.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team