Prominent trader and analyst CrediBull Crypto as updated his outlook on Ethereum (ETH), predicting a final leg down before the next major impulsive rally begins. In a post shared on November 4, he explained that Ethereum’s recent price rejection and ongoing correction could actually set the stage for a stronger long-term breakout.
Short-Term Pullback, Long-Term Setup
According to CrediBull, Ethereum failed to reach its prior local highs, missing what could have been a strong shorting opportunity. However, the downside move now unfolding may serve a constructive technical purpose. “Breaking down first is good,” he noted, because it suggests that the next move toward the highs will likely come with much greater momentum, potentially driving ETH to “much higher levels during our next impulsive move.”
The analyst identified a key downside target below $2,800, which aligns with his long-standing “monthly demand zone.” If this area is reached, he believes it could mark the completion of Ethereum’s subwave 2, setting up for a powerful wave 3 rally, historically the strongest phase in Elliott Wave theory. CrediBull emphasized that this level could offer one of the best spot-buying opportunities since ETH traded near $1,500.
Reading the Chart
CrediBull’s accompanying chart visualizes Ethereum’s Elliott Wave count. It shows:
- A completed five-wave impulse from last cycle lows near $1,500 to the 2025 highs above $4,800.
- The current correction as subwave 2, likely retracing toward the $2,800–$2,100 range (labeled “monthly demand” and “origin of impulse”).
- Once this correction finalizes, ETH could start a third wave impulse, historically the most explosive, potentially targeting $10,000+ over the next major bullish cycle.
The projection also indicates that the correction may resolve sooner rather than later, which would accelerate the transition into Ethereum’s next bullish leg.
Broader Implications
While Ethereum is under pressure amid broader market weakness, CrediBull’s analysis suggests this pullback could be the final accumulation phase before a new macro uptrend. For traders and long-term investors, the $2,800–$2,100 zonemay represent the crucial line between short-term fear and long-term opportunity.