- Ethereum’s Elliott Wave analysis signals a bullish outlook, with $3,692 as key resistance and $3,338 as critical support.
- Wave (5) targets Fibonacci extensions near $3,938, contingent on ETH holding its long-term ascending trendline.
- A break above $3,692 could propel Ethereum higher, while a dip below $3,338 may test key retracement levels at $2,815 and $2,639.
Ethereum currently trades below $3,692, signaling a critical juncture for potential upward momentum. According to analyst MoreCryptoOnline’s analysis, the price structure aligns with the Elliott Wave theory. Notably, ETH’s price continues its impulsive and corrective cycles. Analyst projections suggest ETH could extend higher if pullbacks remain limited to three-wave structures. A break below $3,338 may indicate the beginning of Wave (iv).
Wave Analysis Highlights Critical Targets
ETH has followed a structured Elliott Wave pattern, starting with a strong uptrend in Wave (1) and a corrective Wave (2). Wave (3), characterized by smaller sub-waves, has pushed ETH to Fibonacci levels, including 161.8% at $3,511 and 178.6% at $3,692. These levels serve as potential resistance zones and bullish targets.
The corrective Wave (4) is retracing lower, testing crucial Fibonacci retracement levels. Notably, $3,338 acts as a key support zone within this phase. Other levels, such as 50% at $2,815 and 61.8% at $2,639, indicate potential pullback areas. Significantly, these levels align with ETH’s long-term ascending trendline, reinforcing bullish momentum.
Wave (5) Eyes Higher Fibonacci Extensions
The emerging Wave (5) reflects the upward movement from Wave (4), aiming to surpass prior highs. Fibonacci extensions suggest potential targets at 200% or $3,938. This wave features smaller sub-waves, indicating steady bullish progress. Additionally, the ascending trendline continues supporting ETH’s bullish structure, strengthening the outlook.
Moreover, ETH’s ability to sustain critical support levels remains vital for reaching higher price zones. A decisive break above $3,692 could propel the price further toward $3,938 and beyond. Conversely, a break below $3,338 may challenge the bullish narrative.
Outlook and Implications
Ethereum’s current Elliott Wave progression highlights both risks and opportunities for traders. Key Fibonacci levels provide actionable insights for potential reversals or targets. Besides, respecting the ascending trendline ensures ETH’s bullish structure remains intact.
MoreCryptoOnline’s analysis underscores ETH’s potential for further upward extensions, contingent on maintaining crucial support zones. Market participants should watch for reactions around $3,692 and $3,338, signaling the next phase in Ethereum’s price journey.
disclaimer read moreCrypto News Land, also abbreviated as "CNL", is an independent media entity - we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.
