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According to BlockBeats, analyst Johnny Woo suggests that while Ethereum (ETH) may initially appear bearish, it could develop into one of the largest bear traps he has witnessed. Woo notes that charts indicate ETH might form a 'head and shoulders' pattern in September, potentially breaking out during an 'October rally.' In this scenario, Ethereum could drop to a support level of approximately $3,350 in September before rebounding in October and reaching new all-time highs in November.
A similar pattern occurred in September 2021, when ETH fell 30% from $3,950 to $2,750, only to rebound to a record high in November.