Analyst Reveals Ethereum (ETH) Expectations for September and October! “The Biggest Bear Trap Could Be Coming!”

While Bitcoin (BTC) was running from record to record, Ethereum (ETH), which fell behind BTC, broke its 2021 ATH and set a new record a week ago.

While Ethereum surpassed $4,900, the subsequent bearish wave caused the price to drop to $4,200 levels.

At this point, while the market is predicting that Ethereum could experience a correction to the $3,000 level, one analyst said that this could be a huge bear trap.

Cryptocurrency analyst Johnny Woo, in his analysis from his X account, said that ETH could form a sharp correction, or a bear trap, in September before recovering in October.

Ethereum could surprise many bears next month, according to the analyst, where it could drop to the $3,350 support level in September, creating a bear trap, before rebounding in October.

Pointing out that a head-and-shoulders chart formation has formed on the Ethereum chart, Woo stated that this formation may initially strengthen the downward trend, but ETH will experience a recovery triggered by the “October” trend, which is historically known as the upward period.

Finally, Woo noted that similar formations have occurred frequently in the past, and that a bearish forecast for September and an upward forecast for October is a reasonable scenario.

*This is not investment advice.