• ETH price has recently been scrutinized due to its volatile fluctuations and the miss of its $3,330 target.

• Analysts note a potential bullish breakout, signalling an impending price rally over the coming weeks.

• 2021’s fractal patterns reappear, signalling potential trend reversals and bullish momentum for Ethereum (ETH).

Ethereum (ETH), the second-largest cryptocurrency by market capitalization, has recently been scrutinized as its price fluctuation remains volatile. The ever-famed ETH $3,330 target has eluded traders, forcing many to question its predictions.

Analysts are keeping an eye out for signs after the ETH technical analysis revealed a bullish breakout; one potential clue can be seen on Ethereum price charts, where familiar fractal patterns from 2021 have reappeared and may signal an imminent price rally that pushes significantly higher over the coming weeks.

ETH technical analysis has experienced dissatisfactory returns since Q3 2024 began, with ETH price experiencing a decline of nearly 9 per cent last month alone – one of its worst quarters ever, making Q3 2024 one of its lowest returns periods since inception.

Yet analysts and traders remain hopeful for Ethereum due to the solid technical signals that appear on charts as its performance improves.

ETH Price Shows Signs of Potential Rally as 2021 Fractal Revives Again in 2024

An Ethereum fractal pattern from 2021 has reappeared in 2024, giving investors hope of an impending rally. Market fractals are repeated patterns that help traders identify key trend reversals; Ethereum currently shows a five-point structure that led to a bullish breakout in 2021.

Also, Read: The Rise of Rexas Finance: Ethereum’s Latest Innovator in Asset Tokenization.

In 2021, Ethereum’s price saw a drastic correction between points I and II before rising back into the “golden zone” of Fibonacci retracements between 0.5-0.618. Next came an uptick at point IV with lower lows at IV and lower highs at V; eventually, point VI marked an exit fractal for bullish momentum for Ethereum.

2024 is also following this five-point structure, with Ethereum nearing its final stages of fractal growth, where prices may soon move towards $2150 (point IV) before an expected bullish breakout toward $3.375 would signal an overall 52% price increase in ETH price.

Rise and Fall of ETH Price

Since July, Ethereum has struggled to maintain upward momentum. The once-hailed Bitcoin Killer sees its price take a drastic 33% decline and spark investor concerns about near-term potential. Yet investors shouldn’t write off an immediate recovery as past price patterns of Ethereum often feature significant corrections before major recoveries take hold.

As Ethereum continues its 2024 fractal setup, analysts anticipate a bullish exit for this cryptocurrency. Point VI, representing liquidity sweep, is projected to form around $2,150; once reached, analysts project that its price may shoot toward $3,375 — representing an increased surge from current levels and creating another possible parabolic rally similar to 2021’s experience.

Breaking out from $3,375 could signal further gains for Ethereum; analysts project its long-term target at $4,723.5 based on technical factors and other fractal analyses.

Some experts speculate that breaking above this level may propel it even higher – reaching $8100, marking nearly twofold growth from current levels.

Prominent Market Analysts Are Bullish On Ethereum Price

Notable market analysts are optimistic about Ethereum’s chances for recovery. Independent analyst Javon Marks notes how Ethereum experienced an unprecedented 165% rally by early 2024 due to price action in 2023, which eventually led to massive upward momentum – something Marks believes may happen again shortly. It could soon embark on another gigantic upward trajectory!

Also, Read: Bitcoin and Ethereum Slump: $170B Crypto Market Crash Explained.

CoinsKid analyst notes that Ethereum has been trending upward in 2019, creating an ascending wedge pattern which may reach completion soon; to maintain this cycle and to achieve maximum projected gains as predicted, its price would need to move past current targets of $8,000.

If successful, Ethereum price prediction will surpass our initial expectations. It may even reach far beyond them, potentially breaking the $3,300 target and reaching $8,000.

Conclusion

Although Ethereum has had a challenging 2024, the reappearance of a bullish fractal pattern from 2021 provides investors with some hope for its future direction and impact in the cryptocurrency market.

If Ethereum follows this path closely enough, its price could soon reach $3,375, with even greater targets on its horizon if this fractal is completed successfully amidst market fluctuations and volatility.

Analysts will closely follow charts over time as analysts monitor them; subsequent weeks could prove decisive regarding their direction and long-term influence within the cryptocurrency market.