Ethereum has struggled mightily over the past few weeks, losing the psychological $3,000 level and sparking what many believe is the start of another bear run. During this period, confidence has been hit even harder, plunging so far into negative territory that it is at levels not seen in years. Naturally, this negative sentiment has sparked fear among investors, but this period of extreme distrust could serve as an opportunity to pick up the altcoin at a low price.
Fear Could Present Opportunity
With Ethereum price still low, crypto analyst Sporia believes this could be a good time for the price to rebound. First, the analyst highlights the fact that crypto market sentiment hasn’t been bad since the COVID crash of 2020. Interestingly though, Bitcoin’s price was below $10,000 in 2020, and now it’s trading between $80,000 and $100,000, and that sentiment is that low.
As the Fear and Greed Index hits new yearly lows and falls into extreme fear, everything can look bleak. However, Sporia believes that this could be a time of opportunity, especially for meme coins like Ethereum. The price has already seen a significant drop, putting it below $2,700, but there are still factors that show this could be a good opportunity.
On the one hand, the crypto analyst pointed out that the price of Ethereum has just completed the second wave of its Elliot Wave Count. This means that the altcoin is now heading towards wave 3, a bigger uptrend than wave 1 which took its price above $4,900 earlier.
While the third wave has not yet started, the analyst believes that the price of Ethereum has not reached its peak. This is more of a stopgap measure, and the real movement is yet to come. Sporia expects ETH to cross the 5-digit threshold, predicting that 2026 will be a very bullish year.
How High Can Ethereum Price Go in 2026?
By the time the third wave is over, Sporia expects the price of Ethereum to have climbed as high as $11,000. This uptrend is expected to end during May 2026, leading to the next wave. Wave 4 is a bearish wave and the analyst expects Ethereum to collapse by around 50%. However, this crash should only be temporary.
The final and most bullish wave of all, wave 5, will follow after the Ethereum price bottoms with a crash of around 50%. Once established, this wave will push the price to new highs, with a low-end target placed at $18,000 and a high-end target at $25,000.
As for the timeline, the crypto analyst predicts that this will all happen by the last quarter of 2026, or until the first quarter of 2027. “No breakout yet, but notice the deep pullbacks that there are always just before the possible sharp breakout to the upside. We are following the exact same scenario,” Sporia said.
Featured image of Dall.E, chart by TradingView.com
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