 ▲ Ethereum (ETH) |
A pessimistic outlook has emerged suggesting that for Ethereum (Ethereum, ETH) to reach a record target price of $15,000, it may first have to undergo a painful reset, plunging to as low as $600.
On February 23 (local time), cryptocurrency media outlet NewsBTC cited an analysis by TradingView analyst Alexhiz, reporting that Ethereum could fall about 60% from its current price in order to establish a true bottom. Although the long-anticipated target above $10,000 from last year’s bull market now appears distant, some believe such a sharp decline could be a necessary step in building a healthier market structure from a long-term perspective.
Analyst Alex diagnosed that Ethereum’s current support level around $1,900 is extremely fragile. If this support breaks down, a full market capitulation could occur, sending the price into a vertical drop toward $600. While this scenario would resemble a disaster in the short term, it could present a strong accumulation opportunity for long-term investors and mark a shift in price control from speculative traders to long-term holders.
Based on historical cycles and liquidity growth trends, analysis suggests that after successfully forming a bottom near $600, Ethereum could enter a powerful expansion phase. Alex projected that Ethereum may re-enter a bullish cycle between 2028 and 2029, targeting a range between $10,000 and $15,000. However, as seen in previous cycles, such a long-term rally would likely require a prolonged and tedious accumulation period.
Currently, Ethereum is declining near a resistance level, putting the $1,900 support line under threat. Experts advise that Ethereum’s future growth will largely depend on Bitcoin (Bitcoin, BTC) price movements, and that a macro-level correction flushing out market excesses is likely to precede any full-scale rally. Investors are urged to adopt a cautious approach, focusing on structural market changes and long-term price targets rather than short-term surges.
The digital asset market once again stands at a critical crossroads. Between the possibility of an extreme correction to $600 and the long-term hope of reaching $15,000, investor sentiment remains divided. Whether key support levels hold in the coming days is expected to determine the market’s long-term direction.
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