A crypto analyst on X is arguing that Ethereum’s recent weakness could be the last phase of a multi-year accumulation — and that a dramatic upside run could follow.
Who’s making the call
Crypto Patel posted a zoomed-out weekly ETH/USDT chart on X laying out a Wyckoff-style structure that, in his view, maps Ethereum’s price action since 2024 and points to an extended accumulation zone.
How the chart reads (Wyckoff terms simplified)
- Early 2024: Selling Climax (SC) — a sharp low.
- Within two months: Automatic Rally (AR) up to resistance.
- Mid-2024: Secondary Test (ST) revisiting the selling climax area.
These events, Patel says, established the current trading range whose top sits near ~$4,700 and whose primary floor is Support 1 at $1,549.
Springs, tests and the current picture
Patel marks two notable downside wicks as Spring 1 and Spring 2 around the lower boundary. Spring 1 (mid-2025) briefly punctured Support 1 before recovering and even pushing to a new high just above the $4,700 resistance. Since that peak, ETH has slid back and Patel labels the present action Spring 2, currently just above Support 1.
If Support 1 fails, the analyst points to a secondary buying zone — Support 2 at $1,065. He highlights the $1,800–$1,400 range as the ideal accumulation window if Ethereum moves down toward Support 2.
The bullish scenario and timeline
Patel’s roadmap projects that once ETH exits this accumulation regime and clears the major resistance near $4,700, a multi-stage rally could unfold into late 2027–2028. The scenario he plots:
- A push up to ~$4,700,
- A pullback below ~$4,000 to consolidate the breakout,
- Then a parabolic extension to new all-time highs, with staged targets at $10,000, $15,000 and as high as $20,000.
Context and numbers
- Current price (per the post): roughly $2,100–$2,135 — about 57% below its peak.
- A $20,000 target would imply roughly a 10x move from today’s price.
- The chart noted ETH’s recent 24-hour move of +4.8%.
Bottom line
Patel’s view frames Ethereum’s weakness as part of a Wyckoff accumulation sequence that could set the stage for a long-term rally, but the thesis hinges on key support holding and a decisive breakout above the ~$4,700 resistance. As with any technical read, this is one scenario among many and depends on market dynamics over the coming years.
Read more AI-generated news on: undefined/news
