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

Crypto analyst Crypto Wave has indicated that Ethereum could witness another significant price crash, presenting a bearish outlook for the altcoin. This price crash is 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 .

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.

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 underperforming heavily 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 action and 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.

His accompanying chart showed that Ethereum could rally to 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 data from CoinMarketCap.