A crypto analyst who accurately forecasted the Ethereum price decline from $2,800 has reaffirmed the bearish breakdown, projecting fresh rallies on the horizon. While the cryptocurrency navigates this downtrend, the market expert highlights ETH’s significant upside potential and encourages traders to consider dip-buy opportunities.
Expect An Ethereum Price Rally Next
Following his recent prediction of a major dump in the Ethereum price, market expert Crypto Patel took to X (formerly Twitter) to share insights on the second-largest cryptocurrency’s next move. According to the analyst, the pullback had seen Ethereum cleanly rejected from the resistance trendline, confirming a loss of the $2,500 support level.
Crypto Patel had previously called for a short at the top, which the market followed through with a 22% crash, dragging ETH to the $2,200 zone. This breach of channel support marked a decisive win for the bears, invalidating Ethereum’s mid-term bullish structure and shifting sentiment sharply downward.
Presenting a chart, Crypto Patel reveals that the Ethereum price was hovering at the 0.5 Fibonacci Retracement level at $2,244 at the time of the analysis. This is seen as a potential short-term bounce area, but if the price fails to hold, the next key support lies at the 0.618 level near $2,116.
The analyst emphasized that while the recent dump was anticipated, it has now opened the door to a significant accumulation zone—one that could offer high upside potential if approached strategically. Overall, Crypto Patel’s analysis suggests that Ethereum’s next move after its recent price breakdown could either see it surge to new all-time highs from $8,000 – $10,000 or crash to fresh lows if lower support fails.
$1,800-$2,200 Identified As Buy-Dip Zone
While mapping out Ethereum’s next moves, Crypto Patel’s chart shows that price action has entered a crucial technical pocket between the 0.5 and 0.618 Fib levels, a zone commonly watched for possible reversals or accumulation. A Fair Value Gap (FVG) exists in the same range around $2,200-$1,800, adding further confluence to the idea of a buy-the-dip setup.
Below this, the 0.786 Fib level at $1,947 and the 1.0 Fib level at $1,751 align closely with a historically bullish Order Block (OB) between $1,782 and $1,840. If the price continues to slide, this zone is marked as a high-probability reversal area.
Despite the short-term bearish momentum likely to follow Ethereum’s already weak price action, Crypto Patel’s projected long-term target range between $8,000-$10,000 remains the more favored outcome—provided successful accumulation occurs during the current corrective phase. Ahead of this surge, the analyst raises the question of whether traders should consider buying ETH at the FVG while prices remain low. He also assured traders that Ethereum’s climb toward his forecasted bullish range is expected to be slow, but sure.
Related Posts
