Published on oktober 13, 2024, 12:44 am
Image source: Fox News
```json [ "ETH's price could potentially increase by up to 40% based on a bullish fractal pattern despite recent sideways movement.", "The altcoin has shown strength by staying above the 200-day EMA trendline, signaling a bullish stance.", "Previous patterns suggest similarities with past bullish breakouts, supporting the possibility of a positive breakout in the ETH/USD trading pair.", "Analyzed ETH/BTC chart hints at a potential double bottom pattern and a possible upward reversal." ] ```
ETH’s price could see significant growth of up to 40% following a bullish fractal pattern, despite Ether’s recent period of sideways movement. Since falling below $2,450 on October 2nd, the price of Ether (ETH) has maintained a narrow gap of around $100 over the past nine days. Unlike Bitcoin (BTC), which has shown higher market volatility, Ether has only experienced a slight 1% drop in weekly returns.
On the weekly chart, Ethereum has demonstrated strength by staying above the 200-day EMA trendline, indicating a bullish stance. Several optimistic signals have emerged for the altcoin that could lead to a positive breakout for the ETH/USD trading pair.
A previous report by Cointelegraph pointed out that Ether’s price action was forming a market fractal pattern resembling patterns observed in May-June 2021 and March-May 2024. During these periods, the altcoin saw bullish breakouts, potentially hinting at a similar scenario unfolding in the coming weeks.
Recent observations indicate that Ether’s gains in September have formed a lower high compared to previous phases of the fractal, signaling the onset of a new phase. The similarity between the two fractals in 2024 is striking; both instances saw price action testing crucial Fibonacci levels during specific phases, which could lead to another bullish breakout now.
Despite forming equal lows around $2,300 in the past week – likely marking the final phase – dropping to $2,251 would still maintain the validity of the fractal pattern. The projected target from earlier analysis remains at $3,375, representing a substantial 40% increase from its current value.
Moreover, analyzing the ETH/BTC chart reveals indications of a potential reversal as it shows signs of forming a double bottom pattern at the end of a downtrend. The success rate for such patterns typically ranges from 75% to 80%, especially when observed on longer time frames like daily or weekly charts.
While one analyst suggests that Ether may dip to $2,085 before an upward surge, caution must be exercised as this move would contradict with prior fractal expectations. Therefore, upcoming weeks will play a pivotal role in determining ETH’s price trajectory.
It is essential to emphasize that this article does not offer investment advice. Investing and trading are inherently risky activities; hence readers are advised to conduct thorough research before making any financial decisions related to cryptocurrencies.
Original article posted by Fox News
