Ether can take up many bears by surprise next month, with a deepening correction in September that may be completely “invalid” by the time October arrives.
“It may look bearish at first, but if it plays, it could be the biggest bear trap I have ever seen,” full-time crypto businessman and analyst Johnny Woo Says on Monday.
He added that the charts could paint a pattern of head-and-shoulders in September “to kill everything,” then it will not be repealed in “Uptober.” It will trap the paper businessmen on paper, forcing them to buy higher.
“We’ve seen it before many times, so it’s definitely possible,” he added.
The scenario will see the ether (Eth) returns to support levels around $ 3,350 in September before recovery in October and power to a new all-time high in November.
Something similar happened in September 2021 when the ETH dropped 30% from $ 3,950 to $ 2,750 before recovering to print a full time high in November.
A fall to support is likely, says another analyst
Both entrepreneurs “road crypto trades” Echoed That emotion, which tells X that ETH is “cutting everything” because it is combined -together in the middle of the range around $ 4,300 to $ 4,500 places.
He said a retest of the range of lows and a four-hour 200 moving average trend, which was around $ 4,160, would be “an interesting place.”
Related: August Rally of August can lead to Downtrend of September, History suggests
Focus
Apollo Capital’s chief investment official Henrik Andersson, is somewhat skeptical of technical indicators and the historic bearish September and Chart patterns.
“My perspective is generally more carefully focusing on basic review rather than relying on what are often intrusive patterns in history,” he told cointelegraph.
“While previous trends can offer insights, they should not be the basic basis for making predictions about market movements, especially in a dynamic and emerging space such as cryptocurrency.”
“Macro events such as US Jobs data (out this Friday) and Fed’s upcoming decision are likely to bring short -term volatility, but the true story is structural,” OKX Singapore CEO Gracie Lin told the cointelegraph.
He added that the growth and regulation of Stablecoin provides greater clarity, “and the Ethereum power in most of these flows, long-term growth will come from how these metals are intertwined-no matter what the news rotates this month.”
Ether still the correction
ETH remains in retrospect, losing an additional 1% in the past 24 hours.
The owner fell to an intraday of less than $ 4,238 before recovering to trade at $ 4,374 at the time of writing. It currently drops 11.7% from all time high, which is more shallow than the previous September pullbacks.
