Published on september 18, 2024, 6:10 pm
Image source: Fox News
```json [ "TLDR: Ethereum (ETH) has shown weak price action with a 9% decline in September but is mirroring a bullish fractal pattern from 2021, signaling a potential rally. If Ethereum confirms the last two points of the setup, it could rally up to $3,375, a 52% increase. Analysts remain optimistic, predicting targets as high as $8,100, but readers are advised to be cautious due to the inherent risks of cryptocurrency investments." ] ```
Ethereum’s Price Action and Potential Rally Signal
Ethereum (ETH) has faced lackluster price action, experiencing a 9% decline in September. This trend suggests that ETH’s Q3 performance may be one of its weakest since its inception. Despite these challenges, there are signs of hope for this altcoin as it replicates a bullish fractal pattern observed back in 2021.
For those unfamiliar with the term, a market fractal is a recurring pattern that traders use to spot potential trend reversals on price charts. Currently, Ethereum is tracing a bullish fractal setup reminiscent of the one seen in 2021. The pattern involves five key points, each playing a crucial role in signaling a potential market shift.
The chart below provides a visual representation of this fractal pattern:
(Source: TradingView)
In this setup, points IV and V act as pivotal markers – with IV representing an upward shift from point II and V showcasing a decrease from point III. Point VI plays an important role by indicating equal lows with IV where liquidity sweeps occur, leading to a bullish market exit.
As history often repeats itself, Ethereum seems to be following the same five-point setup witnessed earlier in 2021. In fact, looking ahead to Q2 of 2024 reveals a similar pattern surfacing once again. The altcoin is currently on track to undergo another liquidity sweep around $2,150 before potentially rallying up to $3,375, marking a significant 52% increase.
By successfully confirming the last two points of the setup, Ether could mirror the exact same path as before – substantially increasing the likelihood of an upcoming parabolic rally over the coming weeks.
Although Ethereum faced notable challenges during Q3 and incurred a 33% decline since July’s start, some analysts remain optimistic about its future prospects.In particular, experts like Javon Marks suggest that trends from previous years indicate potential for significant rallies – evoking targets as high as $8,100 by some analysts.
However promising these signals may seem, it’s essential to remember that cryptocurrency investments involve inherent risks. Therefore, readers should conduct thorough research and exercise caution before making any financial decisions based on this information.
Original article posted by Fox News
