Ethereum Price Drops to $2,100 Amid Market Correction
In the past 24 hours, Ethereum experienced a price drop to $2,130 before quickly rebounding. This decline occurred amid a broader downturn in the crypto market, which also saw Bitcoin temporarily dip below $100,000.
Key points from analysts indicate potential for a significant Ethereum rally post-correction:
- Wave A of a corrective structure is complete, with predictions suggesting a temporary bounce to $2,792 followed by a possible drop to $1,706.
- This lower level is identified as an ideal buying zone for long-term accumulation.
- Another analyst using Wyckoff's framework anticipates Ethereum to move above $6,000 after completing the spring and test phases of accumulation.
- Projected trajectory includes reclaiming the $2,150 to $2,450 range, progressing towards $3,850, and ultimately reaching between $6,800 and $7,000.
Currently, Ethereum is trading at $2,420, reflecting a 7.4% increase over the last day.
