Ethereum has suffered greatly over the past few weeks, psychologically losing the $3,000 level and triggering what many believe is the start of another bear market. Sentiments have taken an even harder hit during this period, falling deep into negative territory and remaining at levels not seen for several years. Naturally, this negative sentiment has created fear among investors, but this hyper-vigilance could also be an opportunity to buy altcoins at cheap prices.
Fear can provide opportunity
With Ethereum prices still trending lower, cryptocurrency analyst Sporia believes now could be a good time for the price to rebound. First, the analyst points out that cryptocurrency market sentiment has not been bad since the coronavirus outbreak in 2020. But interestingly, the price of Bitcoin was below $10,000 in 2020 and is currently trending between $80,000 and $100,000, with sentiment at this low.
With the Fear and Greed indices hitting annual lows and panic spiraling, things may look bleak. But Sporia said it could be a time of opportunity, especially for meme coins like Ethereum. Although the price has already suffered a major decline, falling below $2,700, there are still factors that suggest this could be a good opportunity.
First of all, the cryptocurrency analyst pointed out that the price of Ethereum has just completed wave 2 of the Elliot Wave Count. This means that the altcoin is now heading into its third wave, a bigger bullish trend than the first wave that previously pushed the price above $4,900.
Since wave 3 has not yet begun, analysts believe that the Ethereum price has not yet reached its peak. Rather, this is more of a stopgap measure and real movement is coming. Sporia expects ETH to cross the five-digit threshold and predicts that 2026 will be a very optimistic year.
How high can Ethereum price rise in 2026?
By the time the third wave is completed, Sporia expects the Ethereum price to rise to $11,000. This bull run is expected to end in May 2026, leading to the next wave. Wave 4 is a bearish one, and analysts expect Ethereum to crash by up to 50% as a result. However, this conflict is expected to be temporary.
The final and most optimistic wave, the fifth wave, will follow after the Ethereum price bottoms out with a collapse of approximately 50%. Once established, this wave will push the price to new highs, with a low target set at $18,000 and a high target set at $25,000.
As for the timeline for this, the cryptocurrency analyst predicts that this will all take place by the fourth quarter of 2026 or the first quarter of 2027. “There is no breakout yet, but we always see deep declines right before ultimately hitting higher. We are following the same script,” Sporia said.
Featured image by Dall.E, chart by TradingView.com
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