This Fractal Chart Pattern Could Send ETH Back to $2,500: Analyst
Ether prices took a little dip but remain above $3,100 while Bitcoin crashed below $90,000 and has not recovered at the time of writing.
Analyst ‘DrBullZeus’ observed that ETH has been trending lower for a while now, but the structure here is starting to look familiar.
They identified a fractal that, if it plays out, could send the asset crashing back to around $2,500 before pushing back above the trendline. It is a potential repeat of what happened in April when ETH dumped to multi-year lows around $1,500.
Not All Are So Bearish On Ether
However, a clean breakout above the trendline resistance “would be the first real sign that momentum is shifting back in favor of the bulls,” the analyst added.
MN Fund founder Michaël van de Poppe noted that the week ahead will be very volatile due to the raft of economic data in the United States and the Bank of Japan rate cut. He also observed that ETH was holding up better than BTC.
The analyst pointed out a decline in BTC dominance compared to Ether, adding that since July, “markets have shifted from Bitcoin only toward ETH only; however, mass hasn’t picked up this momentum yet, as most of the altcoins are extremely down,” which is “mispriced.”
They added that ETH never takes off when everyone expects it to, and usually does the opposite.
Ether Price Holds Up … For Now
Ether prices took a minor dip as BTC tanked into the high $87,000 level, but it remained above the psychological $3,000 level this time around. The asset was holding above $3,100 during the Monday morning Asian session while BTC floated around the mid-$89,000 zone.
Bitcoin has fallen 2% over the past week, whereas Ether is up 0.5%. That “capital rotation” analysts often talk about may be slowly happening at the moment.
The post This Fractal Chart Pattern Could Send ETH Back to $2,500: Analyst appeared first on CryptoPotato.
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