Ethereum In 2021 Vs. 2024: Fractal Suggests Major Breakout In Q4
19 September 2024 - 2:00AM
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Recent Ethereum price action saw ETH reaching another low of $2,150
on September 6, raising concerns of a more severe drop towards the
$2,000 price level. Although these concerns were eased with a
subsequent bounce to $2,460 on September 13, Ethereum remains
largely in a downtrend, with a triple-bottom price formation now
shaping up. Interestingly, this triple bottom formation is not new
for Ethereum. As technical analysis points out, the current price
action seems to repeat a similar playout in mid-2021.
Ethereum Fractal Suggests Rally In Q4 According to a technical
analysis by crypto analyst CryptoBullet on social media platform X,
Ethereum is shaping up to form a triple bottom price formation on
the 1D candlestick time frame. While the third bottom has yet to be
fully completed, the analyst draws attention to a similar pattern
that unfolded between June and August 2021. Related Reading:
Analyst Identifies $0.75 As Most Crucial Target For XRP Price In
The Campaign For $1 During those three months, Ethereum’s price
fluctuated up and down to create three distinct lows just above the
$1,675 mark. After the third low was established, Ethereum
experienced a significant bullish rally that propelled it to break
through and establish its current all-time high. This upward
movement became even more pronounced after a fractal pattern
emerged in August 2021, signaling a strong momentum shift. Recent
market dynamics have prompted Ethereum to create two bottoms of
around $2,150 in August and September. Interestingly, a recent
rejection at the $2,450 resistance has seen Ethereum pushing on a
decline. This has prompted analyst CryptoBullet to highlight the
possibility of a third low in October, thereby completing the
triple bottom formation. Price formations in cryptocurrency markets
are known to repeat over time, often following patterns that can
help traders anticipate future movements. While no two market
conditions are exactly the same, studying past price movements
provides valuable insights into what may happen in the future. A
similar playout of the 2021 price action puts on a similar surge
for Ethereum in Q4 2024. Notably, the analyst envisioned a rally
towards the $3,700 price level. What’s Next For ETH? At the
time of writing, Ethereum is trading at $2,320 and continues to
exhibit a weak short-term outlook. If Ethereum fails to clear the
$2,340 resistance, it could start another decline towards
$2,150. Related Reading: Shiba Inu Competitor FLOKI Forms
Falling Wedge That Could Trigger 54% Breakout This weak performance
and outlook are even more pronounced compared with Bitcoin. As
such, Ethereum/Bitcoin is now at its lowest level since April 2021,
a staggering 41-month low. Most of this lackluster action has also
been exacerbated by selloffs from a few large holders. For
instance, Ethereum co-founder Vitalik Buterin recently came under
scrutiny for selling $2.2 million worth of Ethereum. Featured
image created with Dall.E, chart from Tradingview.com
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