This Eerie Fractal Shows Why

Ethereum is preparing for another massive breakout, according to a fractal analysis by a cryptocurrency trader. This comes after ETH underwent a strong drop on Friday, responding to a drop in the value of gold and U.S. equities.

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Ethereum Could Soon Break $400: Here’s Why

One trader shared the chart below on August 8th, indicating that Ethereum’s recent price action looks like a consolidation pattern in May 2019. The consolidation was followed by a “massive pump” in 2019, suggesting ETH will do the same.

“I don’t know why not all of CT is talking about this ridiculously similar looking fractal. Spoiler: this chop led to another massive pump in 2019.”

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Chart of ETH's price action with a fractal analysis by trader Byzantine General (@Byzgeneral on Twitter). Chart from TradingView.com
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This isn’t the only bullish Ethereum price fractal that has recently been shared.

As reported by NewsBTC previously, a fractal analysis by a trader found that Ethereum’s macro price action looks similar to BTC’s price action from the 2014 highs to the beginning of the 2016-2017 bull run. This analysis suggests that ETH will rally past $1,000 in the middle of 2021.

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Fractal analysis of ETH's macro price action by trader "The Crypto Wolf," who called recent price action. Chart from TradingView.com
Related Reading: XRP Breaking Past This Crucial Resistance Could Trigger 45% Rally: Trader

ETH’s Fundamentals Are Strong, Too

Ethereum’s fundamentals are also strong, supporting a move to the upside.

Blockchain data firm IntoTheBlock reported on August 7th that the number of daily ETH transactions is reaching highs not seen since the January 2018 all-time high:

“As can be seen in the graph above, the number of transactions has been on a…

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