Ethereum’s recent price movements have been turbulent, with a drop to $2,100 followed by a quick rebound. This dip was part of a broader market correction that also saw Bitcoin briefly falling below $100,000. Despite this setback, analysts remain optimistic about Ethereum’s future, predicting a strong rally once the current downturn is over. Some projections even suggest a target price of $6,000 in the long term.
One analyst, @CryptoWaveV, using Elliott Wave Theory, has identified a corrective structure in Ethereum’s price action. According to his analysis, Ethereum has completed wave A and is now expected to experience a short-term bounce to around $2,792 before a potential wave C leg downward to as low as $1,706. This correction phase is seen as an opportunity for long-term accumulation before a new bullish impulse takes over.
On the other hand, analyst Merlijn, following Wyckoff’s accumulation framework, sees Ethereum entering the markup phase after completing the spring and test phases. His chart suggests that Ethereum could reclaim a range between $2,150 and $2,450, before progressing above $3,850 and ultimately reaching $6,800 to $7,000. This bullish scenario indicates that the recent dip to $2,100 may have been a necessary shakeout of weak hands to pave the way for long-term buyers.
Both analysts agree on a six-month to one-year trajectory that could push Ethereum towards the $6,000 range or higher. As of now, Ethereum is trading at $2,420, showing a 7.4% increase in the past 24 hours.
In conclusion, while Ethereum’s recent price fluctuations may have caused some uncertainty, the overall outlook remains positive for a significant price increase in the future. Investors are advised to consider these analyses and potential price movements before making any trading decisions.