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Analyst warns ETH breaking $1,382 could crash to $800-$500
Analyst sets a single line for Ethereum. $1,382 decides the next big move.
ETH trades above $2,100 now, after a recent bounce according to NewsBTC.
Trader The Penguin maps ETH into a multi‑year Elliott Wave 2 flat since 2021. He places the invalidation at $1,382 and tracks W, X, A, B legs, with an expected push to C next per his X post.
- Above $1,382 keeps the Wave 2 structure valid. Upside target up to $8,400 per the analyst.
- Below $1,382 invalidates the count. Downside projection to ~$900, with extensions to $800–$500 on his chart.
ETH has failed multiple times at $4,500–$4,900 resistance since the 2021 peak per NewsBTC.
Reaching $1,382 implies roughly a one‑third drop from current levels per Bitcoinist. Q1 2026 saw a 29% slide, with a February 6 low at $1,743 amid selling pressure per NewsBTC.
