As a seasoned analyst with over two decades of experience in financial markets, I have witnessed countless price patterns and cycles. The current Ethereum situation presents a striking resemblance to a fractal pattern we saw in mid-2021. This isn’t my first rodeo; I remember the thrill of that bull run vividly, like an old friend who keeps showing up unexpectedly at your doorstep.
As a crypto investor, I’ve noticed that the recent movement of Ethereum has seen it hitting another low at $2,150 on September 6, sparking worries about a potential plunge towards the $2,000 mark. However, these fears were temporarily alleviated by a rally to $2,460 on September 13. Yet, Ethereum continues to trend downwards, and a triple-bottom price pattern is beginning to form.
It’s worth noting that the recent pattern on Ethereum resembles the triple bottom formation we saw in mid-2021, as suggested by technical analysis.
Ethereum Fractal Suggests Rally In Q4
Based on an analysis shared by crypto expert CryptoBullet on social media site X, Ethereum appears to be developing a triple-bottom price pattern over the daily candlestick timeframe. Although the third bottom hasn’t been fully established yet, this analyst points out a comparable structure that occurred between June and August of last year.
Over the course of three months, Ethereum’s value saw frequent changes, touching three distinct low points slightly above $1,675 each time. Following the third dip, Ethereum underwent a substantial bullish surge that allowed it to surpass and set its current record high. The upward trend became more noticeable after a pattern similar to a fractal appeared in August 2021, suggesting a powerful change in momentum.
Lately, shifts in the market have led Ethereum to form two troughs approximately at $2,150 in August and September. Notably, a recent refusal at the $2,450 resistance level has caused Ethereum to slide further. This situation has caught the attention of analyst CryptoBullet who speculates that there might be a third dip in October, thereby potentially concluding a triple bottom pattern.
In essence, cryptocurrency market trends often reoccur, displaying patterns that traders can use to predict future changes. However, it’s important to remember that no two market scenarios are identical. Examining past price fluctuations offers useful insights about potential future outcomes. Interestingly, if the 2021 trend repeats itself, Ethereum could experience a significant surge around Q4 2024. Remarkably, one analyst foresees a possible climb towards the $3,700 price mark.
What’s Next For ETH?
Currently, Ethereum is being traded at approximately $2,320, showing signs of a short-term bearish trend. If Ethereum doesn’t manage to break through the resistance at $2,340, it might lead to another drop, potentially reaching around $2,150.
Compared to Bitcoin, Ethereum’s performance and future prospects are particularly poor, reaching a 41-month low not seen since April 2021. This downturn has been significantly influenced by the selling actions of large investors, including Ethereum co-founder Vitalik Buterin who recently offloaded $2.2 million in Ethereum.
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2024-09-19 04:35