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

Since dropping below $2,450 on October 2, Ether (ETH) price has strengthened within a narrow $100 gap over the past nine days. While Bitcoin (BTC) shows market volatility, Ether's weekly earnings represent only a 1% 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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Ether has entered the final stage of a bullish fractal.

Last month, Cointelegraph reported that Ether's price action was creating a market crash, which was first seen between May to June 2021 and March to May 2024. In both cases, the altcoin experienced a major crash 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 table below, the findings of Ether September led to the formation of a clear low with respect to the III and IV fractal 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 reaches the golden zone – that is, between the 0.618-0.5 Fibonacci lines – at level III and at 0.5 FIB at level V. At the moment, there is a parallel 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/BTC 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 also increases for such a pattern if it occurs over a longer period of time – that is, on a daily or weekly chart. The success rate of the double bottom pattern is approximately between 75% and 80%, according to many studies.

However, it should be noted that the double bottom outlined by the analyst is incomplete as the price has not returned to the $0.041 resistance line at the equal lows in the chart – i.e. 1 and 2 -.

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 would completely wipe out the market segment discussed above, so directionally, the next few weeks will be critical for ETH price.

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.