- Ethereum may drop below $1,000, creating a significant chance for long-term accumulation.
- Whale accumulation suggests Ethereum could hit $3,500–$4,000 soon, with long-term targets above $10,000.
- A potential supply shock is coming, with Ethereum set for major gains after price consolidation.
The Ethereum price action is currently appearing to be a market cycle turnaround. Upcoming possible areas of support and resistance are also being eyed closely by prominent analysts to determine if ETH will further pursue its current bull trend or undergo further selling.
Ethereum’s Price and Fibonacci Levels: Analyst Insights
Ethereum’s price is trending near critical support levels, with much speculation about the future trajectory. A combination of Fibonacci retracements and technical analysis provides us with potential price targets.
In-depth analysis has been provided by analyst Crypto Patel, and according to him, ETH can fall below $1,000 prior to a big rally. According to Patel, Ethereum’s historical price action suggests the 0.5 Fibonacci retracement level, which currently sits around $661, has acted as a strong support in previous bull cycles.
Source: Crypto Patel
Patel believes that should ETH drops to these levels, it could present an opportunity for long-term accumulation, predicting that the coin will eventually reach new all-time highs. Patel’s observations align with the technical pattern of ETH retracing to a key level before any substantial breakout.
Whales Accumulate Ethereum Amid Supply Shock: Mr. Wall Street’s View
Mr. Wall Street also provided Ethereum’s price prognosis, citing heavy whale accumulation. According to him, Ethereum’s price is being propped up by increasing whale activity, with record amounts of wallets containing more than 1,000 and 10,000 ETH.
Mr. Wall Street highlighted that despite the ongoing market fears driven by factors such as recession concerns and rate cuts, smart money is accumulating ETH. This behavior indicates a potential supply shock in the coming weeks, likely within 1-2 months.
Source: Mr. Wallstreet
He predicted that ETH could see a rapid price increase, with an initial short-term target around $3,500–$4,000, potentially reaching as high as $10,000 in the long term. His analysis also pointed out that the BlackRock ETH ETF could help drive the price higher, fulfilling a CME gap around $25 per share, which represents a 92% potential increase from current levels.
Both analysts agree on Ethereum’s bullish potential but differ on their views regarding its short-term movement. While Crypto Patel is cautious and expects potential downside before significant upside, Mr. Wall Street emphasizes accumulation and potential large gains.
