Ethereum has been struggling lately, with its price dipping below $2,150 in September. While it bounced back a bit, it’s still in a downtrend. But there’s a glimmer of hope: a pattern from 2021 might be repeating itself.
A Triple Bottom Formation?
Technical analysts have noticed a pattern called a “triple bottom” forming in Ethereum’s price chart. This means that the price has dipped to a similar low point three times. Back in 2021, Ethereum also formed a triple bottom, and after that, it surged upwards, setting a new all-time high.
History Repeating?
The current triple bottom pattern is making some analysts think that Ethereum could be poised for another big jump. They predict a rally towards $3,700 in the fourth quarter of 2024.
What’s Next for Ethereum?
It’s still too early to say for sure if history will repeat itself. Ethereum needs to break through a resistance level at $2,340 to really start climbing. If it doesn’t, it could fall back down to $2,150.
Ethereum is also lagging behind Bitcoin.
The price of Ethereum compared to Bitcoin is at its lowest point in almost four years. This is partly due to some big investors selling off their Ethereum, including Vitalik Buterin, one of Ethereum’s co-founders.
The bottom line: Ethereum is facing some challenges, but its past performance suggests that a big rally could be in the cards. However, it’s important to remember that past performance is not always a guarantee of future results. /p>
