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Ethereum's Bear Trap: September Dip May Lead to Record Highs by November
Analyst Johnny Woo identifies a potential major bear trap forming in Ethereum's price action. Technical charts suggest ETH could develop a 'head and shoulders' pattern in September, setting up for a powerful breakout during October. According to Woo's analysis, Ethereum might first decline to around $3,350 in September, establishing key support, before launching a significant recovery that could drive prices to new all-time highs by November.
This pattern mirrors ETH's 2021 price action when the asset experienced a 30% drop from $3,950 to $2,750 in September, only to recover dramatically and reach record highs just two months later in November.
While short-term bearish signals may concern traders, the technical setup indicates this could be a classic bear trap scenario. Investors watching the $3,350 support level in September should be prepared for a potential momentum shift as October approaches, with November possibly delivering unprecedented price levels for Ethereum.