30s Summary

Ether (ETH) price has remained mostly stable, within a $100 range, since dipping below $2,450 on October 2nd. According to the weekly chart, Ethereum seems strong and there are positive indicators that could potentially trigger a rise in the ETH/USD trading pair. Additionally, a ‘market fractal’ pattern in Ethereum’s price movement, seen before in periods of significant upward movement, has been spotted again. This, together with a possible turning point in the ETH/BTC chart, could predict a bullish market for Ether. However, analysts note the uncertainty of these predictions and advise careful market analysis before any trading.

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Since dipping to under $2,450 on October 2nd, the price of Ether (ETH) has been pretty chilled, moving within a $100 range for the past nine days. As Bitcoin has been on a rollercoaster ride, Ether has been steady, with only a 1% change over the week.

Ethereum is looking strong on the weekly chart, as it managed to stay above the 200-day EMA trendline. Now, it seems like there are some positive signals for Ether that could spark a nice price boost in the ETH/USD trading pair.

Last month, we shared that the way Ethereum’s price was moving was forming a ‘market fractal’. This is a pattern that was seen from May to June 2021 and March to May 2024. Both of those times, Ether’s price jumped up, and it looks like this could be happening again in the next few weeks.

Ethereum’s gains in September formed a lower high in the 3rd and 4th stages of the fractal, confirming the creation of the 5th stage. With the price hovering around $2,300, that could be the lowest point of the final stage.

The same bullish exit and target from the last analysis are still on the table, with a potential jump up to $3,375 – that’s a 40% uptick from the current price!

Besides the fractal formation, the ETH/BC chart is showing a possible turning point, which could bring more attention to Ether. Trader Tardigrade, a crypto market analyst, points out that ETH/BTC might have formed a double bottom on the daily chart. If you’re not into trading lingo, a ‘double bottom’ at the end of a downward trend could be a sign of a reversal and a more bullish market coming up.

Now, it’s important to say that this doesn’t guarantee anything, because the double bottom spotted by the analyst isn’t finished yet. The price hasn’t moved back up to the resistance line of $0.041 after forming those two low points.

Crypto analyst, CryptoBullet, however, thinks ETH might drop to $2,085 before jumping up again. They wrote, “Ideally, we should sweep those lows (Aug 5 and Sept 6) this month, completing my triple bottom fractal, and then we can finally take off.”

A drop to $2,085 would mean the market fractal we just talked about wouldn’t be valid anymore, but it’s clear that whatever happens in the next few weeks is going to be crucial for ETH’s price.

Just remember that this is not investment advice and trading comes with risk. Always do your research before making any moves.

Source: Cointelegraph