Ethereum's Technical Pattern Could Signal Historic Bull Run

Analyst Johnny Woo has identified what might become one of the largest bear traps in Ethereum's trading history, suggesting that current bearish signals could reverse into significant upward momentum. According to Woo's technical analysis, ETH appears to be forming a classic "head and shoulders" pattern that could fully materialize in September before experiencing a potential breakout during what he terms an "October rally."

This technical formation projects Ethereum potentially retreating to a critical support level around $3,350 in September. However, rather than continuing downward, this level could serve as a springboard for a powerful recovery, potentially propelling ETH toward new all-time highs by November.

Technical analysts have noted striking similarities to Ethereum's price action in September 2021, when the cryptocurrency experienced a substantial 30% correction from $3,950 to $2,750. That correction proved temporary, as ETH subsequently rebounded to establish record highs during the following November, validating the bear trap thesis.

Market participants monitoring these patterns should watch key technical confirmations at resistance levels, particularly around the $4,000 threshold, which advanced market data suggests could trigger accelerated momentum if breached. Historical volatility patterns indicate that September often presents temporary weakness before fourth-quarter strength in the Ethereum market.