Ethereum has declined by more than 2% over the past 24 hours, but still holds a small weekly gain. ETH is currently at $1,875, while many traders are waiting for a deeper flush to $1,475 before buying.
But the latest analysis by trader Nonzee indicates that such a move may not come, as the main shakeout already took place in June and July.
Final Trap
The leading altcoin swept below the range twice during that period and recovered within days, although the quiet moves did not look like a typical market bottom. The next move is expected to come in October, when ETH pulls back to $1,537. The market expert explained that this pullback will mark a retest and a higher low, not a new low.
According to Nonzee, ETH would move back above $2,203 and test the $2,872 range high. The 2027 target is $4,500, with a full measured target of $4,500 to $4,700. That makes the October dip a major buying opportunity, even though it would be about 15% above the $1,475 level many traders are waiting for.
Last week, Crypto Patel said Ethereum was showing one of its strongest high-timeframe bullish structures. The asset had reclaimed its long-term descending trendline after several failed attempts and was consolidating above it. The structure remained valid above $1,510 on daily closes. The analyst identified upside targets at $2,400, $3,000, $3,600, $4,200, and $5,000.
Beyond these targets, Crypto Patel also outlined a much bigger Ethereum move playing out through 2030. The analyst mapped a long-term roadmap that puts the ETH accumulation zone at $1,000-$1,600, followed by targets of $10,000 and eventually $20,000.
“If this HTF roadmap plays out, today’s ‘fear’ could look like the best entry of the decade.”
Mixed Picture
On the corporate side of things, Bitmine expanded its Ethereum holdings beyond 5.8 million tokens after acquiring another 7,391 ETH. Its total stash is now worth approximately $11.2 billion at the reported price. However, the accumulation pace has slowed compared with earlier purchases exceeding 27,000 and 42,000 units.
The company has also repurchased 19.1 million shares since July 1, while Bitmine Chairman Tom Lee remains optimistic about the asset’s long-term potential, even as he expressed disappointment that the CLARITY Act will not see a Senate vote before the August recess.
Meanwhile, US-based spot Ethereum ETFs saw $14.59 million in net withdrawals, ending a four-day streak of inflows. So far in August, these funds have attracted around $230 million in net investment.
Source: CryptoPotato
