Key Points:
Ethereum's triple bottom pattern around $3750–$3800 suggests a potential 10% rebound in October.
Whales (holding 10,000–100,000 ETH) are quietly accumulating, absorbing supply from smaller holders during the recent price drop.
Ethereum's native token, ETH, has dropped 6.50% so far in October, indicating a typical bearish reversal setup.
As of Thursday, the 4-hour chart for Ether shows a triple bottom pattern, which forms when the price touches the same support level three times without breaking below it.
For ETH, this support level is around $3750–$3800, where buyers have been stepping in to defend the price. Each "bottom" shows a weakening of selling pressure, while buyers are quietly accumulating momentum.
Currently, Ethereum faces a key obstacle near its neckline resistance level around $3950–$4000. This area also aligns with the 50-period Exponential Moving Average (50-period EMA, represented by the red wave).
If Ethereum decisively breaks through the neckline, the triple bottom pattern will be confirmed. This could allow ETH to rise to its potential price target of around $4280 in October or early November, a 10% increase from current levels.
During the formation of the pattern, trading volume has been slowly declining, which is typical before a breakout. A significant increase in buying volume accompanying the breakout will confirm the triple bottom pattern.
The bullish reversal setup aligns with trader Kamran Asghar's analysis, although he views the $4800–$5000 area as the main resistance zone.
According to on-chain data from Glassnode, there has been a noticeable change in Ethereum's holding structure during the recent price drop.
On-chain data from Glassnode indicates that large wallets (whales) holding 10,000–100,000 ETH are quietly accumulating at the fastest pace in recent years, currently controlling nearly 28 million ETH.
Meanwhile, the balance of small whales holding 1,000–10,000 ETH has sharply declined, especially during the recent month of ETH price correction.
This suggests that as prices fell, some medium-sized holders either sold during the downturn, with their tokens being absorbed by larger investors, or bought more ETH, pushing themselves into the ranks of larger holders.
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Original: “Ethereum (ETH) Triple Bottom Pattern Hints at Breakthrough to $4000”
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