Ethereum's price briefly hit $1,505 on Saturday, June 6, during a market-wide selloff that swept across crypto assets. The drop has drawn attention to a prominent analyst's accumulation zone and a long-term target that stretches well beyond current levels.
Saturday's slide
The selloff pushed ETH to $1,505 before it bounced. That level sits well below the key resistance mark of $3,945 that crypto analyst Crypto Patel has been watching. Patel, who uses Elliott Wave theory, classifies the current price action as a Wave 4 correction within a five-impulse wave count that started after the 2021 top.
Patel's Elliott Wave framework
Patel sees an accumulation range for ETH between $1,550 and $1,000. His long-term roadmap targets a Wave 5 extension to $16,000, with a cycle top expected between 2026 and 2027. That's a roughly 10x gain from Saturday's low — but only if the wave count plays out as he expects.
The analyst advises against panic selling at these levels. Instead, he recommends staged accumulation near the current price, betting that the correction is nearing its end.
Key resistance at $3,945
Patel places the critical resistance level at $3,945. A breakout above that mark would confirm the move into a bullish Wave 5 phase. Until then, the market remains in the corrective Wave 4, which could grind lower within the $1,000–$1,550 band.
The timing isn't great for bulls. The broader market selloff Saturday shows that macro pressure is still real. But for those who trust the Elliott Wave count, the current dip is the buy zone they've been waiting for.
Strategy: staged accumulation
Patel's advice is straightforward: don't dump your bags, don't try to catch a falling knife all at once. Near $1,500, he suggests building positions in stages. If ETH drops toward $1,000 — the bottom of his range — that's where the real opportunity opens up.
The next concrete thing to watch is whether ETH can hold above $1,500 in the coming days and then start grinding toward $3,945. No one knows if Patel's wave count will hold up, but for now, his accumulation zone is the only roadmap traders have.
