Over the weekend, the Ethereum price dropped below $1,500 stuffed sentiments This is one of the scariest phases since the previous bear market, says cryptocurrency analyst Crypto Patel current sale you need to look through a longer lens. The analyst’s plan places ETH in a wide accumulation range, and the chart shows that the same movement as Ethereum’s previous highs and lows is still taking place, and Ethereum may be falling into the accumulation zone.

Ethereum enters panic zone as price hits $1,500 again

Ethereum’s weekend decline brought ETH near $1,500, extending a painful correction that has already erased much of the gains since August 2025’s ATH. The latest market data from TradingView shows that ETH briefly hit $1,505 on Saturday, June 6 sale across the entire cryptocurrency market, this move has increased panic among traders as evidenced by various posts on social media platforms.

Crypto Patel’s reaction to the decline was that panic selling is not the answer. Technical analysis The 2-week candlestick chart shows that Ethereum is currently near the zone where long-term investors should invest start thinking in categories a gradual accumulation rather than an emotional exit.

Patel placed his preferred ETH/USDT accumulation range between $1,550 and $1,000, noting that there could be a bottom in that zone, but no one can pinpoint the exact bottom. The chart accompanying his forecast, which was published on social media platform X, shows Ethereum trading at the top of the green accumulation zone above the $1,000 support area.

Ethereum biweekly price chart. Source: @CryptoPatel on X

This range represents robust support, and any decline from current price levels will be capped at $1,000. However, if this occurs, a break below $1,000 will only last a few days and will constitute a final liquidation intended to push weaker holders out of the market.

Long-Term Action Plan up to $16,000

The full price history of Ethereum, viewed through the Elliott Wave structure, shows the 2017 and 2021 highs as major cycle highs within two separate cycles. The current price action is classified as a wave 4 correction in the five-pulse wave number that started after the 2021 high. Wave 4 is a correction to the main accumulation point before the screening Wave 5 expansion phase for 2026 and 2027.

In Patel’s roadmap, the main resistance level is $3,945, which is close to a zone that has completed several gains after the 2021 high. A bounce above this price level would likely be the first confirmation that Ethereum has exited its accumulation pattern and returned to a larger Wave 5 bullish phase.

The expected extension of Wave 5 is expected to be $16,000, with the maximum cycle value falling in 2026–2027. Patel also stated that ETH above $10,000and perhaps even $20,000 are possible in the long run.