Ether can take a lot more bear from surprise next month, with a deep improvement in September that can be completely “invalid” until around October.
Full -time crypto trader and analyst Johnny Wu said on Monday, “It may be a slowdown at first, but if it plays, it may be the biggest bear mesh that I have ever seen.”
He said that the chart could “” to probe all “a head-end-shielder pattern in September, then invalidate it into” upperb “. This will implicate paper-handed traders, forcing them to buy higher.
He said, “We have seen it long ago, so it is definitely possible.”
The scenario will see falling back to the support level of about $ 3,350 in September in September and falling back to the powering level for a new all-time high in September.
Something similar happened in September 2021 when ETH fell 30% from $ 3,950 to $ 2,750 before recovering an all -time high print in November.
Another analyst says that there is a possibility of a decline for support
The Fellow Tradder “Dan Crypto Trades” echoed the feeling that ETH is just “biting everyone” as it has been consolidated between the boundary around the area of $ 4,300 to urg.
He said that a retest of the range loads and a four-hour 200 moving average trend line, which is around $ 4,160, would be “an interesting place”.
Connected: Eather’s August rally can lead the September dowstrend, tells history
Focus on fundamental
The chief investment officer of Apollo Capital, Henrik Anderson, had a slight doubt about the technical indicators and historically the slowdown September and the chart pattern.
“My view is that it is generally more prudent to focus on fundamental analysis, rather than relying, rather than relying on what can be a historical pattern,” he said.
“While previous trends can sometimes provide insight, they should not have the primary basis to make predictions about market movements, especially in a dynamic and developed place such as cryptocurrency.”
OKX Singapore CEO Gracie Lynn told CoinTelegraph, “US job data (out of this Friday) and Fed’s upcoming rates such as macro events will possibly bring short -term instability, but the real story is structural.”
He said that stabeloin development and rules are providing more clarity, “and most of these provide strength to the flow, long-term development will come from how these rails are interconnected-regardless of this month’s news cycle.”
Ether is still right
The ETH remains in the retreat in the last 24 hours, losing 1% in the last 24 hours.
This property was reduced to an intraday of $ 4,238 before trading at $ 4,374 at the time of writing. It is currently below its all -time high from 11.7%, which is much higher than the pullback last September.
magazine: XRP ‘Cycle Target’ is $ 20, the strategy was rejected by the bitcoin trial: Hodler’s Digest, August 24 – 30
