Ethereum’s crash below $1,500 over the weekend has pushed sentiment into one of its most fearful phases since the previous bear market, but crypto analyst Crypto Patel believes the current selloff should be viewed through a longer lens. The analyst’s roadmap places ETH inside a broad accumulation range, with the chart showing that the same movement as previous Ethereum tops and bottoms is still playing out, and Ethereum might be declining into an accumulation zone.
Ethereum Enters Panic Zone As Price Revisits $1,500
Ethereum’s weekend drop has brought ETH close to $1,500, extending a painful correction that has already erased a large part of the gains since its August 2025 ATH. Recent market data from TradingView shows ETH briefly touched $1,505 on Saturday, June 6, during a crypto market-wide selloff, a move that has increased panic among traders, as evidenced by various posts on social media platforms.
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Crypto Patel’s reaction to the decline was that panic selling is not the answer. Technical analysis of the 2-week candlestick timeframe chart shows that Ethereum is now trading close to a zone where long-term investors should begin thinking in terms of staged accumulation, not emotional exits.
Patel placed his preferred ETH/USDT accumulation range between $1,550 and $1,000, noting that the bottom could be in this zone, but no one can accurately call the exact bottom. The chart attached to his outlook, which was posted on the social media platform X, shows Ethereum trading on top of a green accumulation zone above the $1,000 support area.
Ethereum 2-Week Price Chart. Source: @CryptoPatel On X
This range is the strong support, and any downside from the current price levels will be limited to $1,000. However, a break below $1,000, if it happens, will only last a few days as a final liquidation move to force weaker holders out.
Long-Term Roadmap To $16,000
Ethereum’s full price history, viewed through an Elliott Wave structure, shows the 2017 and 2021 peaks as major cycle tops within two separate cycles. The current price action is classified as a Wave 4 correction in a five-impulse wave count that started after the 2021 top. Wave 4 is a correction to a major accumulation point before a projected Wave 5 expansion phase into 2026 and 2027.
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Patel’s roadmap places $3,945 as a major resistance level, which is close to the zone that capped several rallies after the 2021 peak. A breakout recovery above that price level would likely be the first confirmation that Ethereum has moved out of the accumulation structure and back into a larger bullish Wave 5 phase.
The projected Wave 5 extension targets $16,000, timed to a cycle top between 2026 and 2027. Patel also stated that ETH above $10,000, and possibly even $20,000, are possible over the long term.
Featured image created with Dall.E, chart from Tradingview.com