Originally published on: October 11, 2024
Ethereum’s price has been hovering between $2,450 and a narrow gap for the past nine days, showing limited volatility despite Bitcoin’s market fluctuations. Maintaining a bullish stance on the weekly chart, Ethereum is poised for a potential breakout in the coming weeks.
A recent market fractal analysis suggests similarities between Ether’s current price action and patterns observed earlier this year, hinting at a possible 40% rally to $3,375. The formation of a double bottom on the ETH/BTC chart further signals a bullish reversal, adding to the positive outlook for Ethereum.
While some analysts predict a potential drop to $2,085 before a bullish breakout, others believe the current consolidation phase could lead to a significant price surge in the near future. With multiple indicators pointing towards a bullish breakout, Ethereum investors are advised to closely monitor price movements to capitalize on potential opportunities.
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