Ethereum Price Correction Expected to Reach $3,900 Before Potential Rally

Crypto analyst Ted Pillows indicates a potential trend for Ethereum (ETH) amid a price correction since its all-time high of approximately $4,900. He suggests that further declines might occur before a significant rally.

Ethereum Price Predictions

Pillows observes similarities between ETH's current movement and Bitcoin's previous market cycle.
ETH recently broke out from a symmetrical triangle formation, reaching a previous ATH of $4,860.
A projected decline to $3,800-$3,900 would complete a 20% price correction, potentially setting the stage for a parabolic surge.
If this pattern holds, ETH could see a surge up to $22,000, surpassing the anticipated $10,000 mark.
Conversely, falling below $3,800-$3,900 could lead to targets around $3,400-$3,600.

Current Market Status

ETH is trading at $4,263, down 1.35% in the last day and 1.53% over the past week.
Over the past month, ETH shows a gain of 10.53%.
Total network fees have risen to $11.93 million, up 19.4% week-over-week, indicating increased transaction activity.
Exchange netflows are at -$2.09 billion, reflecting significant outflows to personal wallets.
Ethereum maintains a market cap of $516.03 billion, ranking as the second largest cryptocurrency globally.