Ethereum Faces Bearish Sentiment Amid Predictions of 13000% Rally

Ethereum's price movement has sparked debate among market participants, with sentiment remaining overwhelmingly bearish. A prominent crypto analyst has forecasted what they term as “the most hated rally in crypto,” suggesting that Ethereum (ETH) could defy expectations and surge higher, despite widespread skepticism from traders and investors.

Using the Elliott Wave Theory, the analyst, known as Decode on X (formerly Twitter), predicts a potential price reversal for Ethereum. According to Decode, Ethereum is currently in a Wave 4 correction, which has unfolded as a complex WXYXZ structure, a typical sideways corrective combination. The analyst highlights that the “1.236 Fibonacci extension of C vs A” has been reached, effectively completing Wave 4.

If Wave 4 is concluded, Decode suggests that Ethereum's price should start Wave 5 soon, leading to a strong bullish rally toward $13,500 to $17,000. However, the current market sentiment for ETH is extremely bearish, implying that capitulation may be closer than a rally. Market reversals often occur when sentiment and demand are at their worst, which could indicate a potential bottom for Ethereum's price. The analyst predicts that the asset could stage a strong rally after its decline, triggering what he calls “the most hated rally ever seen in crypto.”

The reason Decode describes ETH’s next price rally so ominously is likely because he expects it to be met with extreme skepticism and disbelief. The crypto community is highly pessimistic about Ethereum's price outlook due to its prolonged sideways trading. This sentiment is seemingly justified, as ETH has failed to rally significantly, unlike most altcoins in the crypto space. While Bitcoin and altcoins like Solana, Cardano, and XRP have skyrocketed recently, Ethereum still trades at significant lows, even crashing by more than 30% in the last month. If the market remains hesitant toward ETH and avoids buying during price dips, frustration and regret could grow once the altcoin surges unexpectedly, leaving investors watching from the sidelines as they miss out on potential gains.

Despite the broader market volatility and Ethereum’s slow price growth, market expert ‘Crypto Caeser’ remains optimistic about ETH’s rally potential. The analyst predicts that Ethereum could stage a comeback and rebound soon. This bullish prediction is based on past cycles, during which ETH has faced similar periods of severe decline and consolidation. In his price chart, the analyst emphasized that after the COVID-19 crash and ETH’s local bottom, the cryptocurrency recorded a massive price rally in the following year. According to the analyst, Ethereum has hit another local bottom following the Bybit hack attack. If history repeats, ETH could experience a strong recovery and trigger a surge toward $5,000 this bull cycle.