Ethereum

bullish

Ethereum’s (<a data-ct-non-breakable="null" href="https://cointelegraph.com/ethereum-price" rel="noopener noreferrer nofollow" target="_self" text="null" title="https://cointelegraph.com/ethereum-price">ETH</a>) price action has remained underwhelming recently, with a 9% drawdown in September. ETH’s Q3 is en route to becoming the third-worst period in terms of returns since inception.
Yet, favourable technicals are starting to surface for the altcoin as a bullish fractal is reaching a conclusive state.
<h2 id="ethereum-mirrors-fractal-from-2021-2024">Ethereum mirrors fractal from 2021, 2024</h2>
From a technical standpoint, a market fractal is a historically repetitive pattern that allows traders to identify trend reversals in the charts. Ethereum is currently painting a bullish fractal setup, initially observed in 2021.
The chart below illustrates that the pattern consists of a five-point setup. The pattern witnessed a sharp correction between I and II, and II marks the fractal low value. From II to III, the price recovers to the Fibonacci zone of 0.5-0.618, i.e., <a data-ct-non-breakable="null" href="https://www.protradingschool.com/identify-golden-zones/" rel="noopener noreferrer nofollow" target="null" text="null" title="null">the golden zone.</a>&nbsp;
<figure><img alt="Ethereum fractal hints at $3.3K as analyst says its 'go time' for ETH price" name="" src="https://s3.cointelegraph.com/uploads/2024-09/01920500-b221-79f6-8176-29d32773a846">
 <figcaption style="text-align: center;">
 Ethereum 1-day chart. Source: TradingView
 </figcaption>
</figure>
IV represents a higher low with respect to II, and V represents a lower high with respect to III. Finally, VI forms an equal low with IV, where a liquidity sweep occurs, and the fractal concludes with a bullish exit.
These key fundamental points must be repeated for another fractal to follow the same pathway.&nbsp;
In 2024, the same fractal pattern can be identified in Q2, which precisely followed the five-point setup and bullish exit post-VI in the market. A sharp price correction was followed by a recovery to the “golden zone” before forming higher lows and lower highs. Now, it is taking shape yet again.
<figure><img alt="Ethereum fractal hints at $3.3K as analyst says its 'go time' for ETH price" name="" src="https://s3.cointelegraph.com/uploads/2024-09/01920501-c4ab-7cb4-866c-0766322d2aff">
 <figcaption style="text-align: center;">
 Ethereum 1-day chart. Source: TradingView
 </figcaption>
</figure>
Ether has yet to complete VI, which would be another low liquidity sweep around $2,150 (IV) before a potential bullish exit to $3,375, i.e., a 52% rally.&nbsp;
If Ether confirms the last two points of setup, the pattern will be completely identical, increasing the probability of a parabolic rally in the next few weeks.&nbsp;
<h2 id="it-is-go-time-for-eth-price-says-analyst">It is “go time” for ETH price, says analyst</h2>
Ethereum has struggled to appease ETH holders in Q3, with the altcoin facilitating a 33% drawdown since the beginning of July.&nbsp;
However, few analysts believe that Ether is primed for renewed rally after a tumultuous period. Javon Marks, an independent market analyst, indicates that ETH is following a pattern from 2023, which led to a 165% rally in Q1 2024. In an X post, Marks highlights that it is “go time” for ETH and <a data-ct-non-breakable="null" href="https://x.com/JavonTM1/status/1835399545024307321" rel="noopener noreferrer nofollow" target="null" text="null" title="null">says,</a>&nbsp;
<blockquote>
 “2023 looks to have been the blueprint for another massive upside that can be soon transpiring in this crypto market. Target is at $4,723.5 and a break above can welcome $8,100+ into play, projecting another near 2X in price, if not much, much more.
</blockquote>
Like the above analyst’s high target of $8,100, CoinsKid, an anonymous trader, sees a high price of $8,000 based on a setup that has been forming since 2019.&nbsp;
<figure><img alt="Ethereum fractal hints at $3.3K as analyst says its 'go time' for ETH price" name="" src="https://s3.cointelegraph.com/uploads/2024-09/01920503-28ae-73fa-bf4a-27d47a0dd67b">
 <figcaption style="text-align: center;">
 Ethereum analysis by CoinsKid. Source: X.com
 </figcaption>
</figure>
The setup in context follows a broadening ascending wedge for ETH, which is close to completing a four-point contact pattern. But, bouncing from the current level is crucial, <a data-ct-non-breakable="null" href="https://x.com/Coins_Kid/status/1832552206689824783" rel="noopener noreferrer nofollow" target="_blank" text="null" title="https://x.com/Coins_Kid/status/1832552206689824783">says</a> the analyst; otherwise, the pattern could be invalidated at $1,511.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Ethereum fractal hints at $3.3K as analyst says its 'go time' for ETH price

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