Ethereum Price Update

While Bitcoin (BTC) reached new heights, Ethereum (ETH) recently surpassed its 2021 all-time high (ATH), hitting over $4,900.

However, a bearish wave led to a decline to around $4,200. Predictions suggest Ethereum might test the $3,000 level, but crypto analyst Johnny Woo warns this could be a significant bear trap.

Woo’s insights indicate that, although a sharp correction may occur in September, Ethereum could rebound in October. He anticipates that ETH may drop to the $3,350 support level, creating a bear trap before recovering in the following month.

Woo notes a head-and-shoulders pattern on Ethereum’s chart, initially suggesting a downturn, but hints at an October recovery, historically linked to market uptrends. He believes that bearish expectations for September contrasting with positive forecasts for October is a plausible outcome.

> This is not investment advice.