Ethereum has struggled significantly in recent weeks, losing the psychological $3,000 level and triggering what many believe is the beginning of a new bear market. During this period, sentiment took an even bigger hit, falling into negative territory and remaining at levels not seen in recent years. Naturally, this negative sentiment has caused investor anxiety, but this period of extreme caution could be an opportunity to scoop up altcoins at lower prices.
Fear can bring opportunity
As the price of Ethereum remains low, crypto analyst Spolia believes that now could be a good time for the price to rebound. First, analysts point to the fact that the sentiment in the cryptocurrency market has not been bad since the coronavirus pandemic crash in 2020. But interestingly, this sentiment is this low, with Bitcoin prices going from below $10,000 in 2020 to currently hovering between $80,000 and $100,000.
Everything may look bleak as the Fear and Greed Index hits a new yearly low and we are in extreme fear. However, Spolia opines that this could be a time of opportunity, especially for meme coins like Ethereum. Although the price has already taken a hit and is now below $2,700, there are still factors that indicate this could be a good opportunity.
As an example, the cryptocurrency analyst pointed out that Ethereum price has just completed the second Elliott wave. This means that the altcoin is currently heading into a third wave, a bigger bullish trend than the first wave, which saw prices rise above $4,900.
Analysts believe that the Ethereum price has not yet peaked as the third wave has not yet begun. Rather, this is just a stopgap, and real action is yet to come. Sporia expects ETH to cross the five-digit threshold and predicts that 2026 will be a very bullish year.
How high can Ethereum price rise in 2026?
By the end of the third wave, Spolia expects the price of Ethereum to rise to $11,000. This bullish momentum is expected to end sometime in May 2026, leading to the next wave. Wave 4 is a bearish wave, with analysts expecting Ethereum to crash by up to 50% as a result. However, this decline is expected to be temporary.
The last and most bullish wave, wave 5, follows after the Ethereum price bottomed out with a crash of about 50%. Once this wave is established, the price will be pushed towards new peaks with a floor target set at $18,000 and an upper target set at $25,000.
Regarding this timeline, crypto analysts predict that all of this will unfold by the last quarter of 2026 or even the first quarter of 2027. “Notice that there is no breakout yet, but there is always a deep pullback just before the final clean break. We are following exactly the same scenario,” Spolia said.
Featured image from Dall.E, chart from TradingView.com
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