ETH Bullish Trend The chart shows a potential "ABC" corrective wave pattern, often seen as part of a larger bullish trend.
Wave (A): The initial strong upward move from around $3,000 to over $4,800.
Wave (B): A subsequent correction or consolidation phase, where the price pulled back and appears to be finding support around the $4,200 - $4,300 area (highlighted by the yellow line and the brown box). This area seems to have acted as both previous resistance and now potential support.
Wave (C): If the bullish trend continues, the expectation is for a new impulse wave upward, potentially targeting the area between $5,600 and $6,000, as indicated by the white box and the projected line. This would represent a breakout above the previous high of Wave (A).
In essence, the idea is: The recent pullback (Wave B) has found support, and if this support holds, the cryptocurrency could be poised for another significant upward move (Wave C) towards new highs.
Please note that this is a technical analysis interpretation based on the provided chart and is not financial advice.
