ETH crash before blastoff? Chart hints at October fireworks

As the cryptocurrency market is still locked in uncertainty over who will finally prevail – bulls or bears, Ethereum (ETH) might be going through its final crash before the blastoff, as fresh chart analysis suggests October fireworks could be in order.

Indeed, over the past week, Ethereum has slipped nearly 20% from its recent highs, currently trading at around $4,215. On the daily chart, the price broke lower from its tightening wedge, with analysts pointing to a potential retest of the $3,800 – $3,900 support zone before a rebound.

Specifically, according to popular crypto trading expert Ash Crypto, this correction is a necessary reset, and a parabolic run could ignite in mid-October, with a potential rally toward $5,000, the analyst wrote in an X post on September 23.

Compression before expansion

Meanwhile, fellow crypto market expert Michaël van de Poppe emphasized that, while ETH may see more “chop” in the coming weeks, the technical setup remains constructive. As he pointed out, the 20-week moving average (MA) is closing in, strengthening long-term support.

Furthermore, price compression continues to build, which is often a precursor to major volatility. As for the fact that ETH remains down almost 20% from its peak, van de Poppe notes that this is “not a bad spot to be accumulating.” His view suggests that Ethereum is in an accumulation phase, with the next decisive move likely to break the current sideways trend.

For the time being, Ethereum’s price of $4,215.56 indicates an increase of 0.71% in the last 24 hours, but still a 6.57% decline across the previous seven days, as it records a 11.66% dip on its monthly time frame, according to the most recent charts.

Zooming out, the weekly chart highlights $3,900 as a key level to hold. A strong bounce from this zone could reinforce bullish momentum, paving the way for ETH’s long-awaited push toward new highs. Conversely, losing that level may open the door to deeper downside before recovery.