Analysts point out that Ethereum (ETH) may experience a deep correction next month and completely "reverse" in October, surprising many bears.
According to full-time cryptocurrency trader and analyst Johnny Woo on Monday: "The initial trend may be bearish, but if it develops as expected, this could become the biggest bear trap I've ever seen."
He added that a head and shoulders pattern may appear on the September daily chart, triggering market panic, followed by a reversal during "Uptober." This would trap indecisive traders, forcing them to buy at higher prices.
He further noted that we have seen similar situations multiple times before, so it is absolutely possible.
In this scenario, Ethereum (ETH) is expected to fall back to around $3,350 support in September, rebound in October, and challenge historical highs in November.
A similar trend occurred in September 2021 when Ethereum (ETH) dropped 30% from $3,950 to $2,750, then reached an all-time high in November.
Another trader, "Daan Crypto Trades," also expressed a similar view, noting on the X platform that Ethereum (ETH) has been oscillating in the mid-range of $4,300 to $4,500, making it difficult for the market to grasp direction.
He stated that if Ethereum (ETH) retraces to the lower end of the range and the four-hour 200-period moving average (around $4,160), it will be a key level to watch.
Henrik Andersson, Chief Investment Officer of Apollo Capital, holds a more cautious view on technical indicators, the seasonal correction in September, and chart patterns.
He told Cointelegraph: "I think it is usually wiser to focus on fundamental analysis rather than relying on those often unreliable historical patterns."
Gracie Lin, CEO of OKX Singapore, told Cointelegraph: "U.S. employment data (to be released this Friday) and the upcoming Federal Reserve interest rate decision are expected to bring short-term volatility, but the fundamental change in the market actually lies at the structural level."
She added that the growth of stablecoins and regulatory policies bring more clarity to the market. Ethereum (ETH) carries the vast majority of capital flows, and long-term growth will depend on the interconnectivity of these underlying infrastructures, regardless of how the news changes this month. Long-term growth will come from how these tracks interconnect—regardless of this month's news cycle."
In the past 24 hours, Ethereum (ETH) has continued to correct, with a decline of 1%.
The asset dipped to a low of $4,238 during the session, then rebounded to $4,374 at the time of writing. It is currently down 11.7% from its all-time high, which is lower than previous September pullbacks.
Related: CoinMarketCap: The WLFI supported by the Trump family will unlock 27 billion tokens upon launch.
Original article: “Analysts say Ethereum (ETH) may see the 'biggest bear trap' this month”
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