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Ether may take a lot of bears by surprise next month, with a deepening correction in September that could completely “invalidate” by the time October comes around.
“It might look bearish at first, but if it plays out, it could be the biggest bear trap I’ve ever seen,” full-time crypto trader and analyst Johnny Woo said on Monday.
He added that the charts could paint a head-and-shoulders pattern in September “to spook everyone,” then invalidate it in “Uptober.” This would trap paper-handed traders, forcing them to buy higher.
“We’ve seen this before plenty of times, so it’s definitely possible,” he added.
The scenario would see Ether
ETH
$4,405
falling back to support levels at around $3,350 in September before recovering in October and powering to a new all-time high in November.
Something similar happened in September 2021 when ETH fell 30% from $3,950 to $2,750 before recovering to print an all-time high in November.