Recent Ethereum price action saw ETH reaching another low of $2,150 on September 6, raising concerns of a more severe drop towards the $2,000 price level. However, these concerns were eased with a subsequent bounce to $2,460 on September 13, although Ethereum remains largely in a downtrend, with a triple-bottom price formation now shaping up.
According to a technical analysis by crypto analyst CryptoBullet on social media platform X, Ethereum is forming a triple bottom price formation on the 1D candlestick time frame. While the third bottom has yet to be fully completed, the analyst points to a similar pattern from mid-2021, which led to a significant bullish rally reaching Ethereum's current all-time high.
Recent market dynamics have prompted Ethereum to create two bottoms around $2,150 in August and September. With another rejection at the $2,450 resistance, Ethereum may see a third low in October, completing the triple-bottom formation. This pattern's repetition suggests a potential rally towards the $3,700 price level in Q4 2024.
Ethereum's current weak performance, trading at $2,320, is even more pronounced in comparison to Bitcoin, with Ethereum/Bitcoin at its lowest level since April 2021. Selloffs from large holders, including Ethereum co-founder Vitalik Buterin, who sold $2.2 million worth of Ethereum, have exacerbated the decline.
