Ethereum (ETH) is drawing renewed attention from traders and institutions as analysts predict a potential short-term dip toward $2,000, followed by a multi-year surge toward $10,000 by 2028.
Recent market movements, technical signals, and institutional bets suggest that while Ethereum may face near-term volatility, strong fundamentals and growing adoption could fuel a substantial long-term rally. Investors are closely watching key support and resistance levels for trading opportunities.
Near-Term Outlook: Potential Dip to $2,000
According to a recent TradingView analysis shared by crypto analyst Ali, Ethereum is currently on track for a correction to around $2,000 as part of an ABC wave pattern. On November 9, 2025, Ethereum traded at roughly $3,390, down about 14% from its November 7 high of $3,471. This decline aligns with near-term bearish projections amid Bitcoin’s volatility and muted inflows from spot Ethereum ETFs.
Ali’s chart forecasts Ethereum dipping to $2,000 before rising to $10,000, with mixed community views on near-term risk. Source: Ali Martinez via X
Ali noted, “$2,000 first, then $10,000,” highlighting a scenario in which Ethereum could retest lower support levels before resuming a long-term uptrend based on historical channel breaks and Fibonacci retracement levels.
Institutional Confidence and ETF Influence
Despite short-term price pressures, institutional interest in Ethereum remains robust. Cathie Wood’s Ark Invest recently acquired 240,507 shares of BitMine, an Ethereum treasury firm, signaling confidence in ETH as a long-term store of value. Ark Invest’s move has generated renewed discussion in Ethereum news circles about a potential shift in focus from Bitcoin to Ethereum.
On November 6, ARK Invest bought Archer Aviation and biotech stocks while selling Roku, Exact Sciences, and Ionis Pharma. Source: Ark Invest Tracker via X
ETH price has also been influenced by ETF activity. On November 6, the US Spot Ether ETF recorded an inflow of $12.5 million, ending a six-day outflow streak totaling $837 million. Analysts caution, however, that if Ethereum fails to hold key support around $3,200, it could dip toward $3,000 before stabilizing. Lennaert Snyder, an analyst following ETH price movements, warned, “I’m not looking for longs until we reclaim $3,400 resistance.”
Technical Indicators Suggest Long-Term Upside
Looking beyond the near-term correction, some indicators portend a multi-year bullish outlook for Ethereum. According to Donald Dean, analysis suggests that 61.8% Fibonacci retracement support on the weekly timeline is complemented by a volume shelf of around $3,400. Dean projects targets at $5,766 (50% retrace), $6,658 (61.8% Fibonacci), and $9,547 (full 100% extension) if Bitcoin dominance eases.
Ethereum (ETH) holds support at the 61.8% Fibonacci level, with weekly targets of $5,766, $6,658, and $9,547 based on the ETH/BTC ratio. Source: Donald Dean via X
Miracle, another crypto analyst known for a more unconventional approach, identified key “Order Block Buy” zones between $2,142 and $2,394. These levels could serve as strong entry points for traders seeking long-term upside. Miracle added, “Price must break and close above $2,750 with volume for confirmation,” emphasizing the importance of both technical levels and trading volume for a sustained rally.
Community and Market Sentiment
The community of Ethereum still remains torn between cautious traders and optimistic long-term holders. On-chain data indicates that 27 million ETH are staked, while negative net issuance suggests supply pressures may limit downside risk below $3,000. Market enthusiasm through meme-driven narratives still influences speculative interest, particularly in the short-term trading at order block levels.
Ethereum was trading at around 3,405.48, down 0.88% in the last 24 hours at press time. Source: Brave New Coin
The Ethereum near-term trend will also greatly depend on the movements of the broader crypto market, especially Bitcoin. Analysts recommend closely monitoring key support and resistance levels for any rebounds or further declines.
Ethereum Price Forecast 2028
If Ethereum manages to move through the expected correction in the near term with success, this could trigger a multi-year rally to $10,000 by 2028, say analysts. The historical price pattern, institutional interest, and strong technical foundation support this projection.
Investors in Ethereum should be very aware of the market’s volatility, Bitcoin correlation, and levels of critical support. Though a correction to US$2,000 might sound sharp, this could actually be a strategic buy-in for those who target a long-term gain in Ethereum.