The attached chart clearly illustrates that Ethereum’s current price action is following a classic Elliott Wave structure, with three major impulsive waves completed and the market currently consolidating within the fourth corrective wave.
Ⅰ. Completed Waves
Wave C (the bottom): Marked the starting point of the new bullish cycle, around the $1,700 – $1,800 levels.
Wave 1: The initial impulsive rally, reaching $2,900 – $3,000.
Wave 2: A sideways/ corrective decline, which respected the previous bottom and maintained the overall bullish structure.
Wave 3: The strongest and most extended impulsive wave, pushing price aggressively to $4,800 – $4,900, showing the typical momentum associated with third waves.
Ⅱ. Current Phase – Wave 4
Price is consolidating within a descending contracting triangle, which is typical of a fourth-wave correction.
The key support lies at $4,050, acting as the main level to preserve the bullish Elliott structure.
Wave 4 is usually more complex and sideways than Wave 2, which fits well with the current market behavior.
Ⅲ. Outlook – Wave 5
As long as $4,050 holds without a daily close below it, the most likely scenario is the start of the fifth impulsive wave upward.
This wave is expected to break above the Wave 3 peak at $4,800 and extend into new highs.
Potential upside targets: $5,200 – $5,500, with room for higher levels if institutional momentum drives further expansion.
Conclusion:
Ethereum is unfolding within a clear Elliott Wave bullish cycle. The ongoing Wave 4 correction is consolidating around the $4,050 support level, which is the key pivot to watch. Holding this zone increases the probability of a Wave 5 rally, potentially driving ETH to fresh all-time highs in the coming weeks.
Ⅰ. Completed Waves
Wave C (the bottom): Marked the starting point of the new bullish cycle, around the $1,700 – $1,800 levels.
Wave 1: The initial impulsive rally, reaching $2,900 – $3,000.
Wave 2: A sideways/ corrective decline, which respected the previous bottom and maintained the overall bullish structure.
Wave 3: The strongest and most extended impulsive wave, pushing price aggressively to $4,800 – $4,900, showing the typical momentum associated with third waves.
Ⅱ. Current Phase – Wave 4
Price is consolidating within a descending contracting triangle, which is typical of a fourth-wave correction.
The key support lies at $4,050, acting as the main level to preserve the bullish Elliott structure.
Wave 4 is usually more complex and sideways than Wave 2, which fits well with the current market behavior.
Ⅲ. Outlook – Wave 5
As long as $4,050 holds without a daily close below it, the most likely scenario is the start of the fifth impulsive wave upward.
This wave is expected to break above the Wave 3 peak at $4,800 and extend into new highs.
Potential upside targets: $5,200 – $5,500, with room for higher levels if institutional momentum drives further expansion.
Conclusion:
Ethereum is unfolding within a clear Elliott Wave bullish cycle. The ongoing Wave 4 correction is consolidating around the $4,050 support level, which is the key pivot to watch. Holding this zone increases the probability of a Wave 5 rally, potentially driving ETH to fresh all-time highs in the coming weeks.
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.
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.