Ethereum Price Crash To $2,100 Triggers Fear, But Why Are Analysts Predicting A Rally To $6,000?

Ethereum’s price action in the past 24 hours has been characterized by a fall toward $2,100 before rebounding to the upside very quickly. Ethereum’s price dropped to $2,130 in the past 24 hours on crypto exchange Coinbase amidst a broader fall in the crypto industry, which also saw Bitcoin break below $100,000 very briefly. 

Despite the sudden Ethereum price correction, analysts have presented arguments that hint at a strong Ethereum rally once this current downturn is complete. Notably, their projections are not short-term, and one of them puts Ethereum’s next major target around $6,000.

Wave A Complete, But Downside Likely Before Rally

The first detailed analysis came from @CryptoWaveV, a trader who uses Elliott Wave Theory to forecast market structure. According to his recent post, Ethereum’s price has now completed what he considers to be wave A of a larger corrective structure. His chart shows Ethereum breaking down from a high around $2,900 and falling almost directly into a Fibonacci-based support zone between $2,134 and $1,957.

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Now that the Wave A pattern is complete, the prediction is a short-term bounce to as high as $2,792 as part of a wave B retracement. However, this upward move would likely be temporary before another Wave C leg downward, which could drive the Ethereum price to as low as $1,706 before a meaningful bottom is confirmed. 

This level is what the analyst refers to as his “ideal buy zone” for long-term accumulation. Although the short-term view includes price crashes, a full bullish impulse will resume once this corrective phase is complete.

Wyckoff Structure Points $6,000 ETH Price

Merlijn, a popular analyst on X, shared a contrasting yet converging perspective. In this case, the analyst’s outlook is based on Wyckoff’s accumulation framework. Merlijn stated, “Ethereum: Wyckoff says go.” 

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According to the daily price chart that followed his analysis, the analyst showed that the crypto had already completed the spring and test phases, which are both components of a Wyckoff accumulation pattern. What comes next, according to the Wyckoff method, is the markup phase. 

The chart Merlijn posted aligns with this outlook. The chart projected that Ethereum will reclaim a horizontal range between $2,150 and $2,450, followed by a steady progression above $3,850, and then another strong move past $4,800, before ultimately culminating around $6,800 to $7,000. This bullish setup suggests that while the recent dip to $2,100 might have shaken confidence, it may have served a larger structural purpose. The spring and test patterns imply a final shakeout of weak hands, clearing the path for long-term buyers to step in.

Finally, the outlooks from both analysts converge on a six-month to one-year trajectory that could see Ethereum breaking into the $6,000 range, if not higher. At the time of writing, Ethereum is trading at $2,420, up by 7.4% in the past 24 hours.

Featured image from Getty Images, chart from Tradingview.com