Analyst: ETH May Retrace to $3,350 Support in September, Start Rebound in October Towards New High

BlockBeats News, September 2nd. According to Cointelegraph, analyst Johnny Woo stated: "ETH may initially look bearish, but if the trend develops as expected, this could be the biggest bear trap I've ever seen."

He added that the chart indicates ETH may form a "head and shoulders" pattern in September, then be broken out in an "October rally." In this scenario, Ethereum could dip to around $3,350 as support in September, then bounce back in October and surge to a new all-time high in November.

A similar situation occurred in September 2021 when ETH dropped 30% from $3,950 to $2,750, only to rebound to a new all-time high in November.