Crypto
Will a $2,000 Ethereum Price Retest Induce a Rally to $3,000?
Rekt Capital says a November wick into the $2,000 demand zone could be healthy for ETH, as long as the monthly close holds above $2,300.
BLOCKINSIDERLoadingRekt Capital says a November wick into the $2,000 demand zone could be healthy for ETH, as long as the monthly close holds above $2,300.
Ethereum is back at the bottom of its trading range, and one widely followed analyst thinks a deeper dip could set up the next move higher. In his latest newsletter, Rekt Capital says Ethereum is retesting its $2,300 range floor, with a zone of historical demand sitting just below it around the psychological $2,000 level.
If Ethereum holds its monthly structure through that test, he sees room for a climb back to $3,000 over time.
ETH has spent months trading inside a range between roughly $2,300 and $3,000. According to Rekt Capital, the retest of the lower boundary is in progress and, so far, it is holding.
The next checkpoint is the October monthly close. Ethereum needs to finish the month above the $2,300 floor to keep the range intact. A close below it would weaken the setup and put lower prices in play.
If the close holds, Rekt Capital expects November to be spent hunting liquidity in the low $2,000s. That could mean a quick drop to $2,200, $2,100, $2,000, or even $1,900 before buyers step back in.
He points out that ETH has printed many downside wicks into this region in the past, and each one recovered.
Below the range floor, Rekt Capital’s monthly chart showed an orange zone covering the area around $2,000. He described it as an order block of historical demand, a price area where buyers have stepped in repeatedly across past cycles.
What matters most is how price enters the zone. A downside wick that dips toward $2,000 and then recovers, with the monthly candle closing back above $2,300, would complete the retest. Rekt Capital calls this the market building a base in the low $2,000s while staying above the range floor.
A full monthly close inside the orange zone would tell a different story. That would turn a liquidity grab into a breakdown, with the chart pointing to support near $1,850 and then the $1,500 region.
ETF flows add pressure to the picture. SoSoValue data showed US spot Ethereum ETFs have recorded net outflows for five straight weeks. Total net assets in the funds dropped from $17.46 billion to $14.27 billion over that stretch, and the last three trading days alone saw $170.21 million leave.
Rekt Capital’s bullish case rests on a simple pattern. Every time ETH has dropped into the orange demand region, it has gone on to rally to at least $3,000 over time. If the November wick plays out and the monthly close holds above $2,300, the top of the range becomes the next target.
On the way up, Ethereum would first need to reclaim about $2,592, the level where the latest bounce stalled. A clean move above $3,000 would then bring a larger test into focus. Near the top of the range sits a red macro downtrend line. Ethereum closed a month above it in 2025 and later retested it as support.
Rekt Capital says a fresh monthly close above that downtrend, followed by a successful retest, could send the price toward $4,000.
The setup comes down to timing and closes. A sharp dip toward $2,000 in November could look alarming on a daily chart, but Rekt Capital sees it as a normal part of building a base, as long as the monthly candle closes above $2,300.
For now, Ethereum sits at a clear decision point. Holding the range floor keeps the possibility of $3,000 open. Losing it on a monthly close would send ETH searching for support at lower levels first.
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