Crypto investor DeFi News Dad stated on Tuesday that once the price of Ethereum (Ether) reaches $5,000, it is expected to surge rapidly, similar to Bitcoin's performance nearly a decade ago. He noted, “The fundamentals clearly need time to catch up with the price, and we often see excessive corrections in the crypto market.”
Regarding whether Ethereum will rise to $20,000 or drop to $1,500, DeFi News Dad predicts that Ethereum could skyrocket tenfold in the next bull market, reaching around $20,000. This trend would mimic Bitcoin's price pattern in 2017, with explosive growth expected between 2027 and 2028, following the current bear market.
He analyzed Bitcoin's price trajectory from $2,000 to $20,000 over 12 months in 2017 to speculate on the potential price changes for Ethereum within 12 months after the market bottoms out. However, the market bottom is still uncertain, and analyst Chain Mind predicts that if the current support level fails, Ethereum could fall back to $1,500.
Is Ethereum About to Experience a Major Drop?
Analysts point out that this is a critical moment for Ethereum: this means that the next daily close will determine Ethereum's major trend.
This could lead to a “trend line reset,” pulling the price back to levels seen in October 2023 and April 2025, when Ethereum fell to the long-term support level of $1,500.
Analysts stated, “This is a crucial moment for Ethereum. If Ethereum clearly loses this range, a rapid decline towards the $1,800 support zone will occur soon.”
Ethereum Price Outlook
In early morning trading on Wednesday, the asset dropped to an intraday low of $2,060, having accumulated a nearly 10% decline over the past two weeks.
Ethereum has been consolidating for four months but seems to be heading towards the lower limit of the channel, below the psychological barrier of $2,000.