Analyst: ETH may pull back to the support level of $3,350, with a rebound starting in October and aiming for new highs

ChainCatcher news, according to Cointelegraph, analyst Johnny Woo stated: "ETH may initially look bearish, but if the trend develops as expected, this could be the largest short trap I've ever seen."

He added that the charts indicate ETH might form a "head and shoulders" pattern in September, which could then be broken during the "October rally." In this scenario, Ethereum could drop to around $3,350 support in September, then rebound in October and challenge new all-time highs in November.

A similar situation occurred in 2021 when ETH dropped 30% from $3,950 to $2,750, then rebounded to an all-time high in November.