The recent Ethereum sell-off has weighed heavily on post-crisis sentiment price fell below $2,000 level and pulled down much of the altcoin market next to it. The move has led to great fear and caution among Ethereum traders. However, some analysts believe that a bullish uptrend will occur soon.
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ETHBTC structure is retained
ChainHub emphasized that the The ETH/BTC pair is still technically valid and has not suffered any structural invalidation despite the recent price crash. Although the price of Ethereum fell much lower than many expected during the crash it will not keep falling forever. He also pointed it out anxiety levels now rising to extremes that are rarely seen, noting that such environments always tend to appear near major turning points. “After enormous fear and enormous disadvantages comes enormous progress,” the analyst said.
On Ethereum itself, ChainHub acknowledged that losing the $2,000 mark was important, but highlighted the next major area of interest around $1,700. This zone is technically consistent with a broader corrective structure, and it’s possible that Ethereum might not even drop that far before bouncing back. But even if Ethereum falls to $1,700, price action reaching this area means Ethereum is finally in a region where buyers can regain control.
He linked this outlook to Bitcoin’s recent behavior. Bitcoins rejection for $72,000 opened the door for a retest of the upper end of the summer 2024 demand range, which extends from approximately $59,000 to $49,000.
ChainHub pointed out that this is the first significant interaction with that demand area since 2025, with the Fibonacci alignment clustering around $57,000 to $58,000. This increases the chance that Bitcoin is in the process of forming a base, which is where it establishes a bottom.
Altcoins are hitting meaningful demand levels
ChainHub also noted that Ethereum is not the only one testing critical levels. Several major altcoins, including Solana and XRP, have moved into key demand zones. Many of these altcoins have revisited the August 2024 lows or filled previous fuses, areas that haven’t been broken on a first try.
Solana for example, has broken below $100 for the first time since January 2024 and recently traded at a low of $75. As noted by ChainHub, this move allowed Solana to finally reach meaningful demand for the first time in two years.
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Dogecoin, Cardano and Avalanche all have also completed the form down fuses on October 10, restoring equilibrium and reaching the August 2024 low. While there is still the potential for limited downside, the expectation is that the market will start to form a range and then take off building bullish momentum in the coming weeks.
Featured image from Unsplash, chart from TradingView