Analyst: ETH may form bear trap in September before October rebound

Ethereum could fall to its mid-$3,000 support level this month to form a bear trap before surging in October, Cointelegraph reported. Crypto trader and analyst Johnny Woo added that while ETH may undergo a deeper correction in September, it could see a complete reversal the following month. Woo explained that a head-and-shoulders chart pattern could initially reinforce a bearish outlook, but he anticipates a rebound driven by the seasonal "Uptober" trend, a period when Bitcoin has historically performed well. He stressed that this is a plausible scenario, as similar patterns have occurred frequently in the past.