History Repeating? Why Ether's Price Just Might Have Bottomed Out

There is a concept known as "Fractals" in technical analysis, which is essentially repeating market structures.

In the above chart, the left panel represents the 2017 market bottom for ETH/BTC after an 84 percent decline from an all-time high of 0.1515 and the right panel represents the current market structure whose bottom is a similar 82 percent decline from all-time highs.

Exponential moving averages are created by averaging the price of an asset over a specified period of time while putting more weight on recent price information.

Interestingly, history is rhyming at near identical price levels.

Using fractals to compare past and present market structures is speculative in nature since history never repeats exactly as it did before.

It's worth playing devil's advocate to identify differences between the two structures and how things might go awry.

Flipping resistance to support is a bullish price development which was evident in the 2017 market structure but is lacking in the current structure.

As can be seen, price in 2017 was able to form its second higher low directly on top of what was a prior resistance level, a bullish sign.

Once again, price found support on top of prior resistance when it spilled out of form its rising wedge, further showing its bullish strength.

The current market structure could be seen as less bullish since it failed to hold prior resistance as strong support when it formed its second higher low.