Ethereum Could Drop to $1,800 According to Crypto Analyst

Crypto analyst Crypto Wave forecasts a potential price drop for Ethereum, predicting a decline to around $1,800. This is anticipated as part of a corrective move, specifically wave C.

Key Points on Ethereum's Price Outlook

Ethereum may experience another downturn, targeting the range between $1,950 and $1,700.
The price has already reached the 0.5 fib retracement level at $2,100.
Current market sentiment does not dismiss the bearish outlook, despite recent rebounds.
A historical comparison suggests a possibility of repeating previous underperformance patterns.
A breakout above $2,880 could signal the end of the correction and signify the start of a new bull cycle.

2021 Patterns Resurfacing

Analyst Merlijn notes that Ethereum's current price action resembles patterns from 2021, suggesting it may retest $2,000 before a significant rally. He predicts a potential rise to as high as $11,000 by year-end, claiming ETH has stronger fundamentals than in 2021.

Currently, Ethereum is trading at about $2,480, up over 2% in the last 24 hours.

Ethereum Chart