Ethereum (ETH) has once again lost the $4,500 level after briefly reclaiming it earlier this week, raising the odds of a price drop to $4,200 or even $4,000.
Still, leading analysts forecast that any retracement could set up a powerful rally, with new highs above $5,000 in sight and longer-term targets nearing $7,000 or even $10,000.
Analysts See Ethereum Testing $4,200–$4,000 Support Range
BeInCrypto recently reported that ETH’s rise above $4,500 remained brief despite Grayscale’s massive staking efforts. Over the past day alone, the price has fallen by 4.68%. At press time, the altcoin traded at $4,373.97.
Ethereum Price Performance. Source: BeInCrypto Markets
Amid this turbulent performance, financial research firm Fundstrat has outlined a short-term bearish scenario for Ethereum. The firm’s technical strategist, Mark Newton, indicated that ETH could bottom out within the next one to two days. He forecasted that the asset could potentially dip to the $4,200–$4,220 range.
“I do not make much of Crypto weakness in recent days, and expect ETHUSD likely bottoms out over the next 1-2 days. ETHUSD has already corrected 50% of this recent rally from 9/25, but is expected to possibly hit 4200-4220, which would provide an optimal area of support before ETH turns back higher,” Tom lee posted sharing Newton’s anlysis.
Newton described the current pullback as a minor three-wave correction following a rally from late September to early October. He anticipates this support level to hold, paving the way for a rebound toward $5,500.
Meanwhile, Ted Pillows, an investor and key opinion leader, pointed to an even lower bearish target of $4,000. In an X post, he stressed that ETH is currently testing a critical support zone between $4,250 and $4,350. Pillows observed substantial bid activity in this area but warned that failure to defend it could trigger a slide to $4,000.
4-hour ETH/USDT Support and Liquidity Zones. Source: X/TedPillows
Shawn Young, Chief Analyst of MEXC Research, also told BeInCrypto that if ETH loses $4,400 support, a dip to $4,000 is likely.
“If bears regain control and drag the price below $4,400, Ethereum could retrace towards the support range at $4,000,” Young said.
Why Analysts See Upside for Ethereum
Despite near-term caution, experts remain bullish on Ethereum’s future. In fact, Young noted that Ethereum’s dip to $4,000 would likely attract buyers, paving the way for more highs.
He outlined that the asset is trying to sustain a move above $4,500 after several weeks of consolidation. If momentum picks up and liquidity conditions improve, ETH could break higher, potentially reaching the $5,000 to $5,200 range. The analyst also drew attention to structural positive trends shaping Ethereum’s future.
“Ethereum’s strong fundamentals are beginning to align once again with bullish technical sentiment,” he remarked.
Young explained that major network upgrades, including Fusaka and Pectra, highlight the network’s agility amid rapid market shifts. According to him, this adaptability cements ETH as more than just a digital asset, but as the foundation of the decentralized economy.
He also emphasized that Ethereum maintains its dominance in tokenization, stablecoins, and staking, making it an institutional favorite.
“Privacy-preserving technologies will play a key role in attracting traditional financial institutions, corporations, and developers seeking a blockchain that balances transparency with discretion, paving the way for Ethereum’s continued relevance in on-chain innovation,” Young mentioned to BeInCrypto.
With these factors, ETH remains poised for major upside potential, a sentiment many others share. Analyst Crypto Caesar projected that ETH could reach $7,000 to $8,000 during the current bull run, possibly extending to $10,000.
“But late entries rarely catch the full move, and the market seems to be showing a late alt season. This rally has maybe 6–8 months left,” he remarked.
Thus, while a short-term dip can’t be ruled out, most analysts agree it would likely serve as a healthy reset rather than the start of a deeper decline. Over the long run, Ethereum’s strong fundamentals, growing institutional use, and upcoming upgrades continue to paint a bullish picture for the asset.
