As the ETH price fractal approaches its final phase, Ethereum gains 40%

Since falling below $2,450 on October 2, the price of Ether (ETH) has strengthened within a narrow $100 gap over the past nine days. While Bitcoin has shown market volatility, Ether's weekly earnings represent only a 1 percent decline.

On the weekly chart, Ethereum maintained a bullish position by holding above the 200-day EMA trend line.

Now, a few breakout signals have been identified for the altcoin, which could create a positive breakout for the ETH/USD trading pair.

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Ethereum has entered the final stage of a bullish fractal.

Last month, Cointelegraph reported that Ethereum's price action was forming a market fractal, which was first from May to June 2021 and from March to May 2024. On both occasions, the altcoin experienced a bullish breakout, and now, the same situation may emerge. In the next two weeks.

Related: Ethereum price lags Bitcoin and altcoins, but is it possible to rally to $2.6K?

As shown in the chart below, Ethereum's September gain has led to the formation of a clear higher low relative to the III and IV segment levels, which confirms the formation of the V level.

In 2024, the similarity between the two fractals is still significant. In both cases, the price action tested the golden zone (ie between the 0.618-0.5 Fibonacci lines) in phase III and 0.5 FIB in phase V. Currently, there is a similar movement, which further strengthens the opportunity. Dispersion of bullying.

In the past week, Ether has made equally low prices around $2,300, which may be the lowest price of VI (last chapter), but the drop to $2,251 makes the fractal real.

The potential bullish breakout and target from the previous analysis are the same: $3,375, or a 40% rally from the current price.

ETH Price Double Down From Bitcoin?

In addition to the fractal formation, the ETH/BC chart is showing a downward signal, which could shake things up for the altcoin. Trader Tardigrade, a pattern analyst and crypto market analyst, highlights the possibility of a double bottom for ETH/BTC on the daily chart.

The formation of a double bottom at the tail end of the decline is considered a bull market reversal signal. The probability of success for such a pattern increases if it is formed over a longer period of time, i.e. on a daily or weekly chart. The success rate of the double bottom pattern is approximately 75-80%, according to many studies.

However, it is important to note that the double bottom outlined by the analyst is incomplete as the price has not returned to the $0.041 resistance line after creating the equal lows, 1 and 2 in the chart.

Shake the price of Ether before the flash

Meanwhile, another market analyst, CryptoBullet, believes that ETH/USDT could drop to $2,085 before a crash occurs. According to the analyst.

“Ideally, we should be able to wipe out those lows (August 5 and September 6) this month, complete my triple bottom, and finally get up.”

A drop to $2,085 will completely destroy the market segment discussed above, so from a direction point of view, the next few weeks will be critical for the price of ETH.

This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.