Ethereum Price Could Crash to $600 Before $10K Rally, Analysts Warn

Despite Ethereum’s price appearing to level out below the $2,000 mark, the slowdown in its decline has done little to calm market anxieties. Analysts widely interpret this pause not as a sign of strength, but as a temporary lull before another significant drop. The current support level above $1,900 is viewed as fragile, with a high probability of breaking soon. This perspective is rooted in historical performance, where Ethereum has often staged a major price reset before potentially finding a market bottom.

The dramatic shift in sentiment is stark when compared to the exuberant calls of the recent bull market. Hopes for Ethereum reaching $10,000 or even $15,000 have been largely dashed, with even the $5,000 target now seeming distant. The current analysis pivots from those peak projections to a necessary, painful correction that must precede any future parabolic growth.

A specific and stark prediction comes from crypto analyst Alexhiz on the TradingView platform. The analyst outlines a bearish scenario calling for another 60% price drop from current levels. This correction would push the price of Ethereum down toward the $600 range. While such a decline would be disastrous for short-term holders, Alexhiz posits that it is a required step for the market’s long-term health.

This predicted plunge is framed as a “major macro correction,” essential for washing out weak hands and resetting market excesses. The analyst’s view suggests that without this deep reset, the foundation for a sustainable, multi-year bull run is not firmly established. The path to five-figure valuations, therefore, runs directly through a valley of significant loss.

In a counterintuitive argument, analysts like Alexhiz suggest that a crash to $600, while painful, would create optimal conditions for a powerful long-term recovery. Such a drop would represent a “complete liquidity reset and a full market capitulation.” This extreme event would flush out speculative excess and allow for strong, long-term accumulation by committed investors, often referred to as “stronger hands.”

Following this accumulation phase, the market could enter an expansion phase where prices rise rapidly. The reset creates a cleaner, stronger base from which to build. This pattern of capitulation, accumulation, and expansion is a recurring theme in crypto market cycles, and proponents of this view believe Ethereum must follow this script to achieve its ultimate potential.

The ultimate payoff for enduring a crash to $600, according to this analysis, is a multi-year rally targeting the $10,000 to $15,000 range. Alexhiz specifically points to the 2028–2029 timeframe for this renewed bullish cycle, basing the projection on “historical cycle behavior and liquidity growth.” This implies a long, drawn-out accumulation trend similar to patterns observed after previous major corrections.

However, this optimistic long-term forecast carries a significant caveat: Ethereum’s growth trajectory remains heavily dependent on the performance of Bitcoin. As the undisputed market leader for over a decade, Bitcoin’s price action and market cycles set the tone for the entire crypto asset class. Ethereum’s path to five figures is not seen as independent; it is intrinsically linked to Bitcoin’s ability to enter and sustain its own new bull market, likely after its own halving-driven cycles play out.