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👀 Ethereum Fractals Turn Bullish 

Word On The Street: Ethereum's technical indicators are starting to look favorable, as it appears to be following a bullish fractal pattern observed in 2021 and now in 2024.

The details:

• A fractal, in trading terms, is a repetitive chart pattern that can signal a trend reversal. Ethereum's current pattern consists of a five-point setup, with recent price movements resembling a similar structure to what occurred in 2021.

• The pattern involves a sharp correction followed by a recovery to the "golden zone" (Fibonacci retracement levels of 0.5-0.618). It then forms higher lows and lower highs, leading up to a final liquidity sweep, potentially setting the stage for a bullish exit.

• Ethereum is yet to complete the sixth point of this pattern. If the price dips to around $2,150, matching the fractal’s criteria, it could potentially rally to $3,375—a 52% increase.

Why it matters: If these fractal patterns and technical setups hold, Ethereum could be on the verge of a significant breakout, potentially reversing the bearish sentiment seen throughout Q3.

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TRADERS CORNER
👾 Ethereum Technical Analysis

Ethereum (ETH) is currently trading at $2,304.50, sitting near the middle line of the Bollinger Bands, indicating a period of consolidation with potential volatility.

Trend Analysis:

Ethereum has shown signs of recovery after a downward trend, with the Bollinger Bands beginning to narrow, suggesting decreased volatility. The price is near the middle band (20-period SMA), indicating a neutral market sentiment.

The BBP value of -6.88 is negative, suggesting slight bearish pressure but not extreme.

Support and Resistance:

- Support: Immediate support is at $2,292.34, around the lower Bollinger Band. If the price breaks below this level, the next support could be at $2,280.00.

- Resistance: The key resistance level to monitor is $2,315.28, aligned with the upper Bollinger Band. A break above this could lead to a test of $2,330.00.

Scenarios:

- Bullish: If Ethereum breaks above $2,315.28, it could signal a continuation of the upward trend. A confirmed breakout with higher volume could push the price toward $2,330.00.

- Bearish: If Ethereum fails to hold the $2,292.34 support and declines further, it could target the next support at $2,280.00. A sustained drop below this level might indicate further downside risk.

Ethereum currently shows a slight bearish tendency but remains in a consolidation phase. Key levels at $2,315.28 and $2,292.34 should be closely watched for possible breakout directions.

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