The Ethereum (ETH) Chart Everyone Is Watching Has a Problem: $1,475 May Never Come

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.

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