Originally published on: September 18, 2024
Ethereum has been facing lackluster price action with a 9% drop in September, making it one of the worst quarters for the altcoin since its inception. However, there are signs of a potential turnaround as a bullish fractal pattern emerges, hinting at a possible rally to $3.3K.
A market fractal, a repetitive pattern in price charts, is showing positive indicators for Ethereum. The pattern consists of five key points, including sharp corrections, recovery to the Fibonacci golden zone, higher lows, and lower highs, culminating in a bullish exit.
Analysts are drawing parallels to a similar fractal pattern observed in 2021 and 2024, which led to significant price rallies. Independent market analyst Javon Marks believes it is “go time” for Ethereum, pointing to a potential 52% rally to $3,375 if the current fractal pattern plays out.
CoinsKid, another analyst, sees even higher price targets for Ethereum, forecasting a rally to $8,000 based on a broadening ascending wedge pattern formed since 2019. However, bouncing from the current price level is crucial to validate the pattern and avoid a drop to $1,511.
While these predictions are based on technical analysis, readers should conduct their own research and consider the risks involved in trading and investing in cryptocurrencies. However, with the potential for Ethereum to break out to new highs, investors and traders are closely watching for a possible “go time” moment for ETH.
