Ethereum Fractal Hints at $3.3K, Analyst Says ‘Time to Go’ for ETH Price

Ethereum (ETH) price action has been lackluster recently, with a 9% decline in September. ETH's Q3 is on track to be the third worst period in terms of returns since inception.

Yet, favorable techniques for altcoins are beginning to emerge as the bullish fractal is reaching its conclusion.

Ethereum mirrors fractal from 2021, 2024

From a technical perspective, a market fractal is a historical repeating pattern that allows traders to identify trend changes in the charts. Ethereum is currently painting the bullish fractal setup seen in early 2021.

The chart below shows that the pattern consists of a five point formation. The pattern observes a sharp correction between I and II, and II shows the lowest value of the fractal. From II to III, the price returns to the Fibonacci zone 0.5-0.618, the golden zone.

IV represents a higher low relative to II, while V represents a lower high relative to III. Finally, VI forms a low equal to IV, where liquidity sweep occurs, and the breakout ends with a bullish breakout.

These key fundamentals should be repeated for another fractal to follow the same path.

In the year In 2024, a similar fractal pattern can be discerned in Q2, which closely followed the five-point setup and the post-VI exit in the market. A sharp price correction was followed by a recovery to the “golden zone” before the formation of high lows and low highs. Now, it's taking shape again.

Ether has yet to complete the VI, which is another low liquidity before the close of $2,150 (IV) to $3,375, i.e., a 52% rally.

If Ether confirms the last two setup points, the pattern will be almost exactly the same, adding to the possibility of a parabolic rally in the next few weeks.

It's “time to go” for the ETH price, says the analyst

Ethereum struggled to please ETH holders in Q3, with the altcoin experiencing a 33% decline since early July.

However, few analysts believe that Ether is primed for a renewed rally after the turmoil. Javon Mark, an independent market analyst, suggests that ETH is following a pattern from 2023, which resulted in a 165% rally in Q1 2024. In X-Post, Marks highlights that it is “time to go” for ETH.

“2023 seems to be the blueprint for another major upswing in this crypto market. The target is at $4,723.5 and a break above that could welcome $8,100+ into play, showing another close to 2X the price, if not more.

Just like the above analyst's high target of $8,100, Coin Kid, an anonymous trader, sees a high price of $8,000 based on the formation that has been forming since 2019.

The setup in context follows an expanding uptrend for ETH, which is close to completing a four-point connection pattern. But the analyst says that it is important to get out of our current level. Otherwise, the pattern may break at $1,511.

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.