Key Insights:
- Analyst revealed Ethereum price prediction to $8,400 if technical setup plays out successfully.
- However, there is fear of a 15% ETH price correction over the coming weeks.
- Crypto expert analyst Michaël van de Poppe predicted a correction is inevitable for Ethereum price to bounce back to new record highs.
Ethereum price erased 7% this week as risk-off sentiment spread across the crypto market. Major technical indicators now point to the possibility of further downside, yet not all signals are whistling doomsday for the largest altcoin.
According to analyst Merlijn the Trader, ETH may be preparing for a sharp rebound. He highlighted early signs of strength that, if confirmed, could set the stage for a rally toward $8,400.
After Flipping Resistance, $8,4000 Soon, Experts Makes Bold Ethereum Price Prediction
Ethereum recently delivered one of the most decisive moves on its chart in over a year. After three failed attempts to clear resistance, the market finally broke through the ceiling and confirmed the move with a bullish retest.
In the past, each time the price touched the $4,100 zone, sellers stepped in and forced a reversal. Those three rejections, according to crypto analyst Merlijn the Trader, created a formidable wall that capped Ethereum throughout 2024 and into mid-2025. However, the most recent rally changed the script. This time, Ethereum did not stall but powered through.
What made this development more compelling was the structure that preceded it. The market carved out a series of higher lows while pressing against the same horizontal barrier.
That kind of price action often signaled growing demand. Once the breakout occurred, momentum quickly confirmed the shift in market sentiment.
Ethereum then retested its former resistance from above. When the level held, it flipped into support, setting the stage for the next leg higher. Technical traders viewed such retests as healthy checkpoints in a larger uptrend.
The chart projection pointed toward $6,000 and $8,400, aligning with a broader narrative of renewed strength in the crypto sector.
Ethereum price faces risk of a 15% drop in the near term
Ethereum’s recent breakdown from its symmetrical triangle has shifted the short-term outlook to bearish. Normally, these formations resolve with the prevailing trend, but a downside break can transform the setup into a reversal signal.
Based on the measured move from this pattern, ETH could slide toward $3,560. That projection implies another 15% decline from current levels if selling pressure continues into October.
The projected target aligns with a key support zone highlighted by analyst Michaël van de Poppe on Tuesday.
He pointed out in a post on X to the possibility of ETH sliding into the $3,550–$3,750 range. He also noted the 20-week exponential moving average, which currently sits near $3,685, as an important level to watch.
Michaël van de Poppe said that compression was building, which meant a big move was likely ahead. He noted that ETH had already fallen nearly 20% from its recent peak and described it as a reasonable area for investors to begin building positions.
Despite the breakdown from its triangle pattern, analysts observed that bulls still had a key line of defense. Ether was hovering near a rising trendline that had supported its uptrend since April, a level that in past cycles had preceded rallies of 90% to 125%.
