Ethereum ETH’s price is showing a familiar fractal pattern, prompting analysts to predict an upcoming price spike for the token. Ethereum’s bullish fractal pattern from 2021 consists of a five-point setup, which ETH is currently mirroring this year.
Data from TradingView illustrates the pattern that we saw in 2021 and how it can be repeated in 2024. The 2021 pattern witnessed a sharp correction between I and II, and II marks the fractal low value. From II to III, the price recovers to the Fibonacci zone of 0.5-0.618, i.e., also known as the “golden zone.”
Source: TradingView
IV represents a higher low to II, and V represents a lower high concerning III. The pattern concludes with VI forming an equal low with IV, where a liquidity sweep occurs and the fractal concludes with a bullish exit. This looks exciting, but will have to be precisely what occurs with ETH in 2024 to mimic the same bullish rise.
Ethereum 2024 Pattern Mimicking 2021?
This year, the same fractal pattern can be identified in Q2, which followed the five-point setup and bullish exit post-VI in the market. The pattern is once again coming together, but Ethereum needs to form an equal low with Q2 2024 now. This will be difficult considering Ethereum came off of a strong bull run in the late spring to establish a higher low. However, if it does occur, predictions are bullish that Ether could reach as high as $3,300.
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Currently, the market is largely bearish on Ethereum, which has struggled to recover after a bear market in August. However, if this fractal pattern reigns true, perhaps ETH is set for a major rebound. An interest rate cut this month could also send the cryptocurrency market climbing, which would bode well for Ether.
