Ether could be preparing to surprise bearish traders in the coming weeks, with September setting up for what some analysts believe might be a significant market trap. “It might look bearish at first, but if it plays out, it could be the biggest bear trap I’ve ever seen,” full-time crypto trader and analyst Johnny Woo said on Monday. Woo suggested that charts could form a head-and-shoulders pattern in September, designed to alarm traders into selling, only for the setup to be invalidated in October. “This would trap paper-handed traders, forcing them to buy higher,” he explained, adding that this type of pattern has appeared before. Historical Precedent Offers Clues According to Woo’s projection, Ether (ETH), currently valued at $4,392, may dip toward support levels near $3,350 during September. The downside could reverse in October, with momentum building toward a fresh all-time high in November. A similar sequence unfolded in 2021, when ETH declined by 30% from $3,950 to $2,750 in September, only to recover and post record highs in November. That historical context is feeding optimism among those who see September’s weakness as a setup rather than a breakdown. Traders Anticipate Range Movements Fellow trader “Daan Crypto Trades” expressed a similar perspective, noting that Ether has been consolidating within a tight range. He wrote on X that ETH has been “chopping everyone up” in the $4,300 to $4,500 zone. A retest of the lower range, near $4,160 and aligned with the four-hour 200 moving average, could present “an interesting spot” for traders watching key technical signals. Fundamentals Over Technicals However, some market professionals are less convinced that short-term chart patterns are worth following. Henrik Andersson, chief investment officer at Apollo Capital, argued that traders should be cautious about overreliance on historical setups. “My view is that it’s generally more prudent to focus on fundamental analysis rather than relying on what can often be spurious historical patterns,” Andersson said. He added that past trends may provide some insight but are not a reliable foundation for predictions in a fast-changing crypto environment. OKX Singapore CEO Gracie Lin echoed that sentiment, highlighting macroeconomic and structural forces as more relevant drivers of Ether’s future. “Macro events like US jobs data (out this Friday) and the Fed’s upcoming rate decision will likely bring short-term volatility, but the real story is structural,” Lin said. She emphasized that Ethereum’s role in powering stablecoin flows and benefiting from regulatory clarity will underpin long-term growth regardless of short-lived pullbacks. Ether’s Current Price Action Despite the broader debate, Ether continues to show weakness. The asset fell to $4,238 during intraday trading before recovering to $4,374 at press time. That leaves it 11.7% below its all-time high, but analysts point out this retreat is far less severe than earlier September corrections. Some see that as evidence the market may be preparing for another rebound as October approaches.
