Analysis: Ethereum Re-tests Key Support Once Again, Funds Possibly Positioning Themselves Ahead of October Seasonal Rally

September 30th. Matrixport presented its daily chart analysis, indicating that Ethereum pulled back and stabilized near the upper boundary of a multi-year ascending triangle before commencing a rebound. The present trend has entered a crucial observation period and still requires confirmation as to whether it is another false breakout or the onset of a new uptrend. When looking back at previous false breakouts, the downward momentum was limited; the price rebounded promptly thereafter. The current trend also shows similar characteristics, and investors need to be vigilant about the potential for a rapid rebound. Overall, the technical rebound structure still holds some positivity. However, some buying pressure may stem from end-of-month performance enhancement or positioning in anticipation of the seasonal rally in October.