Ethereum Not Out Of The Woods Yet: Why Another 30% Crash To $1,800 Is Coming

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Crypto analyst Crypto Wave has indicated that Ethereum could witness another significant price crash, presenting a bearish outlook for the altcoin. This price crashis expected to mark Wave C of a corrective move, with ETH dropping to as low as $1,800. Why Ethereum Could Still Drop To As Low As $1,800

In an X post, Crypto Wave declared that the primary expectation remains that Ethereum will see one more leg down in wave c of wave 2, targeting the zone between $1,950 and $1,700. Specifically, his accompanying chart showed that the largest altcoin by market cap could drop to around $1,800.  Related Reading Ethereum Price Crash To $2,100 Triggers Fear, But Why Are Analysts Predicting A Rally To $6,000? 2 days ago

The crypto analyst revealed that Ethereum has already hit the 0.5 fib retracement at $2,100, which is the minimum target for a Wave 2 correction. However, structurally, he claimed that this drop still looks like wave A only. Crypto Wave further explained that these ABC corrections are always three-part moves, and that is what he sees forming now for ETH.  Source: Crypto Wave on X

The broader crypto market, led by Bitcoin, has bounced back following the ceasefire between Israel and Iran. Ethereum has also rebounded, having dropped to as low as $2,100 last week. However, Crypto Wave suggested that the current market sentiment doesn’t invalidate this bearish setup for ETH and that it could still witness a deeper sell-off. 

The crypto analyst alluded to the fourth quarter of last year when Ethereum was underperformingheavily while many altcoins rallied. In line with this, he remarked that there could be a repeat of this scenario. However, on the other hand, Crypto Wave claimed that if ETH breaks above $2,880 impulsively, especially in one clean wave, then the correction could be over. He added that this would also put the altcoin in the early stages of a new bull cycle. 2021 Pattern Playing Out For ETH

In an X post, crypto analyst Merlijn drew similarities between the current Ethereum price actionand that of 2021. He stated that the 2021 playbook is repeating, with ETH having a dead count bounce, then a final retest before the parabolic leg. The analyst expects the altcoin to retest the $2,000 level before the massive move to the upside.  Related Reading Ethereum Not Out Of The Woods Yet: Why Another 30% Crash To $1,800 Is Coming 4 hours ago

His accompanying chart showed that Ethereum could rallyto as high as $11,000 on this uptrend. Merlijn had remarked that ETH has more firepower this time around than in 2021, which is why the altcoin could witness such a parabolic move to the upside. Interestingly, based on the chart, this rally is expected to happen between now and year-end.

At the time of writing, the Ethereum price is trading at around $2,480, up over 2% in the last 24 hours, according to datafrom CoinMarketCap. ETH trading at $2,470 on the 1D chart | Source: ETHUSDT on Tradingview.com Featured image from iStock, chart from Tradingview.com