Ethereum (ETH) price has faced a sharp decline, dropping over 15% this week. The coin fell below $2,500 after reports of a major Bybit security breach surfaced. Hackers allegedly stole $1.5 billion worth of crypto, adding pressure to ETH’s value. However, the Wyckoff Accumulation Pattern suggests a potential rebound, hinting at an ETH surge toward $8,000. Wyckoff Accumulation Holds as ETH Price Drops to $2K, Targets $8K Wyckoff Check has emerged as a crucial signal in Ethereum price action, reinforcing its potential recovery from a dip to $2,000. The Wyckoff Accumulation Pattern suggests that ETH undergoes a critical retest after breaking above a significant support zone. Historical trends indicate that such retests often confirm a continuation of the prevailing trend, pointing to sustained upward momentum. Analysts observe that ETH has respected this level multiple times, supporting the likelihood of further gains. If ETH holds its current structure, technical indicators hint at a potential rally toward $8,000 in the long term. The price action resembles past market cycles where accumulation phases led to exponential growth. With traders monitoring the market’s response, ETH’s ability to sustain this level could validate the bullish outlook and drive further price action. Ethereum Price Tests Key Support Amid Market Correction Ethereum price is testing a key support level within the 2024 low of $2,000 after a recent downward move. The analyst highlights a similarity to a past cycle where ETH rebounded from this level before gaining momentum. Analysts suggest the market structure mirrors an earlier period, with the potential for a shift if the price holds above this range. Traders are closely monitoring the $2,000-$2,400 zone as a possible turning point, with the 2024 high at $4,250 acting as a key resistance. The stochastic RSI also indicates oversold conditions, which previously signaled upward movement. ETH Price Struggles Below $2,500 as Bearish Momentum Intensifies The price of ETH has continued its downward movement, testing key support levels as bearish momentum builds. The Ethereum price is currently hovering around $2,290, struggling to hold above this critical zone. A significant breakdown occurred recently, pushing Ethereum below the $2,500 resistance level. Sellers dominated the market, leading to a sharp decline. If the price fails to reclaim $2,500, further losses could extend toward $2,000 or even $1,750 in the coming sessions. The MACD histogram remains in the negative region, while the MACD line is below the signal line. This bearish crossover signals that sellers maintain control. If momentum persists, the Ethereum price prediction could experience more downward movement. Key resistance levels are set at $2,500 and $3,000. A push above these levels could see a bullish rebound. ETH Price Chart: TradingView To sum up, the Ethereum price decline has tested key support levels, but the Wyckoff Accumulation Pattern signals a possible recovery. If ETH holds above $2,000, the market structure suggests a rebound toward $8,000. The post Wyckoff Accumulation Pattern Shrugs Ethereum’s Crash to $2K, Hints ETH Price Could Hit $8K appeared first on CoinGape .
