Cryptocurrency trader and analyst Johnny Woo expressed an opinion on Monday: Ether may catch most bears off guard— the correction in September will further expand, seeming pessimistic for the market, but this is likely the 'largest bear market trap ever seen,' and by October, the correction may completely 'fail.'
He further interprets that, from a technical perspective, the ETH chart in September may form a head-and-shoulders pattern. This signal will 'scare everyone,' but the market in October will initiate an upward trend, rendering the bearish signal of the head-and-shoulders pattern ineffective. This trend will trap paper traders who follow the trend to short, forcing them to cover their positions at higher prices, creating upward momentum. 'Similar market situations have occurred many times before, so this possibility definitely exists.'
In terms of specific point predictions, ETH may fall back to the support level around $3350 in September, start a recovery trend in October, and is expected to set a historical new high in November.
This prediction can reference the similar market situation from September 2021: at that time, ETH dropped 30% from $3950 to $2750, and after a short-term deep correction, it rebounded in November of the same year, breaking through the previous high and setting a new historical peak at that time.
