- Ethereum Fractal Pattern from 2021 and 2024
- Current ETH Price Analysis
- Analysts' Opinions and Forecasts
Ethereum's (ETH) price action has remained underwhelming recently, with a 9% drawdown in September. Yet, favorable technicals are starting to surface for the altcoin as a bullish fractal is reaching a conclusive state.
Ethereum Fractal Pattern from 2021 and 2024
From a technical standpoint, a market fractal is a historically repetitive pattern that allows traders to identify trend reversals in the charts. Ethereum is currently painting a bullish fractal setup, initially observed in 2021. The chart below illustrates that the pattern consists of a five-point setup. The pattern witnessed a sharp correction between **I** and **II**, and **II** marks the fractal low value. From **II** to **III**, the price recovers to the Fibonacci zone of 0.5-0.618, i.e., the golden zone. **IV** represents a higher low with respect to **II**, and **V** represents a lower high with respect to **III**. Finally, **VI** forms an equal low with **IV,** where a liquidity sweep occurs, and the fractal concludes with a bullish exit. In 2024, the same fractal pattern can be identified in Q2, which precisely followed the five-point setup and bullish exit post-**VI** in the market. Ether has yet to complete **VI**, which would be another low liquidity sweep around $2,150 (**IV**) before a potential bullish exit to $3,375, i.e., a 52% rally.
Current ETH Price Analysis
Ethereum has struggled to appease ETH holders in Q3, with the altcoin facilitating a 33% drawdown since the beginning of July. However, few analysts believe that Ether is primed for renewed rally after a tumultuous period. Javon Marks, an independent market analyst, indicates that ETH is following a pattern from 2023, which led to a 165% rally in Q1 2024. In an X post, Marks highlights that it is 'go time' for ETH and says.
Analysts' Opinions and Forecasts
Like the above analyst’s high target of $8,100, CoinsKid, an anonymous trader, sees a high price of $8,000 based on a setup that has been forming since 2019. The setup in context follows a broadening ascending wedge for ETH, which is close to completing a four-point contact pattern. But, bouncing from the current level is crucial, says the analyst; otherwise, the pattern could be invalidated at $1,511.
This analysis underscores the importance of current technical signals and potential significant price swings for Ethereum. Traders and investors are advised to closely monitor developments and conduct their own analysis before making trading decisions.
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