• Ethereum may drop to $2085, testing critical support levels in the near term.
  • A Triple Bottom fractal signals potential recovery after the expected dip.
  • A significant rally may follow the downturn so traders should be patient.

According to Crypto Bullet’s latest analysis, Ethereum (ETH) is heading toward a critical point. The analyst expects ETH to drop to $2085 within the next ten days before taking off.

He further highlights that key support levels from August 5 and September 6 could soon be tested. Once these lows are swept, the Triple Bottom fractal might complete, signaling a potential recovery.

$ETH 1D chart

Just like #BTC , I think #ETH will have its final leg down within the next 10 days

🎯 My target is $2085

Ideally, we should sweep those lows (Aug 5 & Sept 6) this month, completing my Triple Bottom fractal, and then we can finally take off 📈 pic.twitter.com/tkBYe3yTY8

— CryptoBullet (@CryptoBullet1) October 10, 2024

Triple Bottom Fractal in Play

Crypto Bullet identifies a clear Triple Bottom fractal forming on the 1-day Ethereum chart. This pattern signals that the price of ETH will dip to test previous lows. The key support levels resemble steps, with $2085 as the possible floor. According to him, Ethereum’s possible dip to $2085 could complete this technical pattern.

The analyst draws a parallel with Bitcoin (BTC), which saw a similar dip before bouncing back . He also believes that once the market shakes out weak hands, the stage will be set for a rebound.

A final downturn might pave the way for Ethereum to surge. Crypto markets often move in waves, and this could be the last wave down before the trend shifts.

Preparing for the Breakout

According to Crypto Bullet , this upcoming dip shouldn’t worry investors because it could be a healthy reset before a breakout. Ethereum, like many assets, needs to flush out excesses before moving higher.

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Investors should remain patient as the market nears this critical point. The potential for a strong recovery remains high once this pattern completes. While Crypto Bullet’s analysis paints a bullish outlook for ETH, caution should be exercised considering the unpredictable nature of the crypto market.

For now, the price of ETH might drop to $2085, according to Crypto Bullet. He also believes that testing those lows could be the final step before a significant rally. That said, traders should watch these key levels in the next few days to make informed decisions.

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