After some time of consolidation, it looks like we will soon break out from a triangle pattern. Since we are in a bearish trend, there is a higher probability that the price will go down further. The next level of support is around $20k.
If Ethereum repeats the pattern that we saw after its peak in 2018, we might be in a bear market until August 2022, where the price might stabilize at around $850. In 2018-2019, during a period of almost 1.5 year, the price dropped by -88% until the bear market ended, which makes it not far fetched to believe that a drop by around -80% in the price can happen...
Looking back at the previous two major corrections, which occurred in 2014-2016 and 2018-2020, I think it's not unreasonable to expect the same pattern to occur again. If this were to happen, it would mean that buying into BTC at the beginning of next year will be a good entry point, where the price might reach a bottom at around $17-18k in April.
