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. Although these concerns were eased with a subsequent bounce to $2,460 on September 13, Ethereum remains largely in a downtrend, with a triple-bottom price formation now shaping up.

Interestingly, this triple bottom formation is not new for Ethereum. As technical analysis points out, the current price action seems to repeat a similar playout in mid-2021.  

Ethereum Fractal Suggests Rally In Q4

According to a technical analysis by crypto analyst CryptoBullet on social media platform X, Ethereum is shaping up to form a triple bottom price formation on the 1D candlestick time frame. While the third bottom has yet to be fully completed, the analyst draws attention to a similar pattern that unfolded between June and August 2021.

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During those three months, Ethereum’s price fluctuated up and down to create three distinct lows just above the $1,675 mark. After the third low was established, Ethereum experienced a significant bullish rally that propelled it to break through and establish its current all-time high. This upward movement became even more pronounced after a fractal pattern emerged in August 2021, signaling a strong momentum shift.

Recent market dynamics have prompted Ethereum to create two bottoms of around $2,150 in August and September. Interestingly, a recent rejection at the $2,450 resistance has seen Ethereum pushing on a decline. This has prompted analyst CryptoBullet to highlight the possibility of a third low in October, thereby completing the triple bottom formation.

Price formations in cryptocurrency markets are known to repeat over time, often following patterns that can help traders anticipate future movements. While no two market conditions are exactly the same, studying past price movements provides valuable insights into what may happen in the future. A similar playout of the 2021 price action puts on a similar surge for Ethereum in Q4 2024. Notably, the analyst envisioned a rally towards the $3,700 price level. 

What’s Next For ETH?

At the time of writing, Ethereum is trading at $2,320 and continues to exhibit a weak short-term outlook. If Ethereum fails to clear the $2,340 resistance, it could start another decline towards $2,150. 

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This weak performance and outlook are even more pronounced compared with Bitcoin. As such, Ethereum/Bitcoin is now at its lowest level since April 2021, a staggering 41-month low. Most of this lackluster action has also been exacerbated by selloffs from a few large holders. For instance, Ethereum co-founder Vitalik Buterin recently came under scrutiny for selling $2.2 million worth of Ethereum. 

Featured image created with Dall.E, chart from Tradingview.com

By&nbspClark

A leading crypto analyst has drawn a bold comparison between ETFSwap (ETFS) and Shiba Inu (SHIB), suggesting that buying ETFS at its current price of $0.03846 could offer the same massive growth potential as investing in Shiba Inu (SHIB) did back in 2020. With such a promising outlook, many investors are paying close attention to this emerging opportunity.

Why ETFSwap (ETFS) Might Surpass Shiba Inu’s 2020 Surge

At its current price of $0.03846, ETFSwap (ETFS) is leading the profitable wave of tokens that have the potential to transform lives in the market. Given the increase in demand for ETFS tokens during the current presale round, the crypto analyst projects that purchasing ETFSwap (ETFS) is like buying Shiba Inu in its initial stages of 2020. 

Beginners in cryptocurrencies can trade ETFs with ease thanks to ETFSwap’s (ETFS) user-friendly interface, which offers excellent profit opportunities around the clock. By enabling swapping between cryptocurrencies and ETFs, ETFSwap (ETFS) facilitates asset transfers across marketplaces with affordable costs and secure interfaces. 

Shiba Inu’s 2020 success is in jeopardy because the cryptocurrency market hasn’t had a platform with this kind of usefulness. Beyond market expectations, the ETFSwap (ETFS) system provides traders within its ecosystem with unparalleled flexibility and liquidity. This is due to the fact that, in contrast to conventional platforms, it permits asset trading without expiration. 

Furthermore, the ETFSwap (ETFS) system outperforms Shiba Inu by giving investors access to financial data via sentiment monitoring, forecasting algorithms, real-time data, and sophisticated analytics via its AI-powered ETF Screener and Tracker. The ETFSwap (ETFS) platform enables tokenized assets secured by stocks from authorized financial markets to be used by MiCa-compliant regulated investment enterprises. 

With the recent acquisition of a SOLIDProof certification of compliance for KYC verification, ETFSwap (ETFS) should be able to offer users more asset control and enhance the ecology of the platform. 

CyberScope audits also validate ETFSwap’s (ETFS) blockchain technology dedication to customer privacy and security. The bold prognosis of the crypto analyst has been drawn to this concentration on a secure trading environment. 

With plans to launch an ETF by 2025, ETFSwap (ETFS) poses a serious threat to Shiba Inu’s 2020 success. The beta platform is set to launch in a few days and is anticipated to increase market momentum. 

Shiba Inu’s Meteoric Rise In 2020

Shiba Inu, a decentralized cryptocurrency that was launched in 2020, saw an incredible increase that made its early supporters wealthy in less than a year. During that year’s incredible ascent, Shiba Inu saw an unprecedented 2,000% increase in value, rising from $0.00001 in 2020 to an all-time high of $0.00008845. 

This was the biggest rise the market had ever seen. Crypto analysts and other investors are keeping a close check on ETFSwap’s (ETFS) current presale round, which is valued at $0.03846, in an attempt to beat Shiba Inu’s record bullish trend of 2020 by getting in early. These investors might profit substantially from the platform if this encouraging trend keeps up. 

Conclusion

The crypto analyst is intrigued by the current ETFSwap (ETFS) presale due to its low price of $0.03846 and the possibility of large rewards. Owing to this demand, the crypto analyst believes that ETFSwap (ETFS) will exceed Shiba Inu’s 2020 performance. 

In less than three days, more than two million tokens have been sold during the current presale round, which is anticipated to conclude soon. Given the price of $0.03846 and the 50% discount on each transaction, the crypto analyst sees the presale phase as an incredible opportunity to improve people’s lives. 

For more information about the ETFS Presale:

Visit ETFSwap Presale

Join The ETFSwap Community

Clark

Head of the technology.