**Ethereum Bounces Back After Hitting Eight-Month Low**

Ethereum's native token, Ether (ETH), is showing signs of a strong recovery after hitting an eight-month low on August 5. This rebound mirrors a similar pattern from October 2023, which led to a 168% price surge.

Key Points:

- ETH/USD pair is experiencing a bullish reversal, bouncing off key support levels.

- Weekly RSI has risen from 39.40, indicating a potential bottom.

- If the pattern holds, ETH could rally over 100% by 2024, reaching around $4,560.

Fundamental Factors:

- Anticipated US Federal Reserve rate cuts could boost demand for Ether.

- Traders are betting on multiple rate cuts by 2024, increasing the appeal of riskier assets like ETH.

Market analysts suggest this could be a pivotal moment, similar to the market rebound in March 2020. However, always conduct your own research before making investment decisions.