The recent price action of Ethereum has raised concerns of a further drop, with the cryptocurrency reaching a low of $2,150 on September 6. However, it subsequently bounced back to $2,460 on September 13. Technical analysis suggests that Ethereum is forming a triple bottom price formation, similar to a pattern seen in mid-2021. This previous pattern led to a significant bullish rally and the establishment of Ethereum's all-time high. The analyst predicts the possibility of a third low in October, completing the triple bottom formation and potentially leading to a surge towards the $3,700 price level. Currently, Ethereum is trading at $2,320 and has a weak short-term outlook. It is also at its lowest level against Bitcoin since April 2021. Ethereum's weak performance has been influenced by selloffs from large holders, including Ethereum co-founder Vitalik Buterin.



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