Analyst: Ethereum Could Dip to $3,500 Before Rally
Veteran analyst Ted Pillows warns that Ethereum price may drop further to $3,500 before starting a recovery. This week, Ethereum (ETH) price fell to a two-month low of $3,900, mirroring Bitcoin’s 2020 post-$20,000 cycle. The analyst highlights a key support level at $3,800: holding this Ethereum price support could trigger a rally, while a break might push ETH down another 10–15%. Traders are eyeing the $3,800 zone as a short-term pivot. With "Uptober" approaching, market volatility remains high. This insight underscores the importance of support levels in ETH price action for crypto traders.
Bearish
The analyst’s projection of a further drop to $3,500 before any recovery sets a bearish tone. Historical parallels with Bitcoin’s 2020 post-peak decline reinforce the risk of a 10–15% pullback if the $3,800 support fails. In the short term, traders may position for downward moves or wait for clear confirmation at key levels. Over the longer term, a successful hold at $3,800 could trigger a rebound, but uncertainty around Uptober’s bullish potential keeps market sentiment cautious.