Ethereum (ETHUSD, Log Mode) appears to be completing a Wave 4 corrective structure (W–X–Y) within the broader impulsive cycle from the March lows.
Wave 4 found strong support near the 0.5 retracement level around $3,500, aligning with the lower parallel channel of the wave 3 advance.
A potential Wave 5 rally could begin once confirmation of reversal is seen, with upside targets projected at:
$4,867 (3.618 extension of Wave 1)
$7,800–$7,900 (1.272 extension of the macro structure)
If ETH breaks below $3,500, it could invalidate this immediate bullish count and suggest a deeper correction.
Key Levels:
Support: $3,530 / $3,350
Resistance: $4,867 / $7,800
Invalidation: Below $3,500
Watching for signs of a Wave 4 bottom to confirm the start of Wave 5, potentially leading Ethereum into new all-time-high territory in the coming months.
Wave 4 found strong support near the 0.5 retracement level around $3,500, aligning with the lower parallel channel of the wave 3 advance.
A potential Wave 5 rally could begin once confirmation of reversal is seen, with upside targets projected at:
$4,867 (3.618 extension of Wave 1)
$7,800–$7,900 (1.272 extension of the macro structure)
If ETH breaks below $3,500, it could invalidate this immediate bullish count and suggest a deeper correction.
Key Levels:
Support: $3,530 / $3,350
Resistance: $4,867 / $7,800
Invalidation: Below $3,500
Watching for signs of a Wave 4 bottom to confirm the start of Wave 5, potentially leading Ethereum into new all-time-high territory in the coming months.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.