Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and publishing How Our News is Made Strict editorial policy that focuses on accuracy, relevance, and impartiality Ad discliamer Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio. Popular crypto analyst and key opinion leader Ted Pillows has outlined an insightful trend in the Ethereum (ETH) market amidst an ongoing price correction. Since hitting a new all-time high of around $4,900, the prominent altcoin has experienced an extensive price pullback. However, Pillows’ insights suggest further price drops may lie ahead, before another explosive rally. Related Reading Ethereum Exchange Balance Turns Negative For The First Time – Why This Is Bullish For Price 21 hours ago Ethereum Heading To $3,900 Before Major Surge – Here’s Why
In an X post on September 6, Pillows reports that Ethereum appears to be replicating some part of Bitcoin’s price movement from the last market cycle. Notably, the premier cryptocurrency had experienced a 20% correction after reaching the previous ATH of $20,000 from the 2017 bull run. Thereafter, Bitcoin embarked on a bullish price run to establish a new ATH around $69,000.
Similar to these conditions, the chart below shows that Ethereum has recently broken out of a forming symmetrical triangle, touching its previous ATH of $4,860 from 2021. Since then, the altcoin has slipped into a corrective phase, with present market levels now within the $4,200 region, leading to Pillows’ suggestions of a duplicated price movement. Source: @TedPillows on X
However, if Ethereum is indeed mirroring Bitcoin’s price performance from 2021, ETH bulls should expect a further price decline to around $3,800-$3,900 to complete the 20% price correction. While such a price loss would represent an additional 9.68% from present market prices, it could also complete the perfect bullish set-up for a parabolic rally.
Going by BTC’s price history, Ethereum could likely experience a 4.5x price surge with potential price targets around $22,000. Notably, this projection exceeds the $10,000 ceiling that many analysts currently anticipate. However, a potential decline below the predicted $3,800-$3,900 could invalidate such bullish forecasts, presenting new downside targets around $3,400-$3,600. Related Reading Bitcoin Treasury Purchases Down Amid Record Holdings – What Does This Mean? 23 hours ago Ethereum Market Outlook
At the time of writing, Ethereum is trading at $4,263, reflecting a 1.35% decline in the past day and a 1.53% loss over the past week. However, on the broader timeline, ETH remains in positive territory, posting a 10.53% gain over the past month as bulls maintain longer-term momentum.
According to on-chain data from analytics firm Sentora, the altcoin is showing signs of heating activity. In particular, Ethereum’s total network fees for the week increased to $11.93 million, up 19.4% compared to the previous week, signaling heightened transaction activity and demand for block space.
Meanwhile, exchange netflows stood at -$2.09 billion, pointing to substantial outflows from centralized exchanges as investors opted to move their assets to personal wallets. With a market cap of $516.03 billion, Ethereum continues to rank as the 2nd largest cryptocurrency and 22nd largest asset in the world. ETH trading at $4,296 on the daily chart | Source: ETHUSDT chart on Tradingview.com Featured image from Pexels, chart from Tradingview