Elliott Wave Analysis for Ethereum (ETH/USD) – 1D Chart
ETHUSD Elliott Wave Technical Analysis
Function: Counter Trend
Mode: Corrective
Structure: Zigzag
Position: Wave C
Next Higher Degree: Wave II
Wave Cancel Invalid Level: Not specified
Details:
Ethereum (ETH/USD) is currently in the concluding stages of Wave II, which is unfolding as an “ABC” correction. Wave (C) is progressing, with a downside target near the 0.618 Fibonacci retracement level ($2,891.52). This level acts as a critical support area.
Ethereum (ETH/USD) Trading Strategy
- ETH is moving towards the $2,891–$2,829 support zone, where Wave II is expected to conclude.
- A reversal in this area could signify the beginning of Wave III and a continuation of the bullish trend.
- Maintaining a price above $2,891 is essential to preserve the wave structure and avoid prolonged corrective movement.
- A confirmed breakout above $3,600 would validate the end of the correction phase and mark the onset of a new impulsive wave.
Elliott Wave Analysis for Ethereum (ETH/USD) – 4H Chart
ETHUSD Elliott Wave Technical Analysis
Function: Counter Trend
Mode: Corrective
Structure: Zigzag
Position: Wave C
Next Higher Degree: Wave II
Wave Cancel Invalid Level: Not specified
Details:
Ethereum (ETH/USD) is nearing the completion of Wave II within an “ABC” correction pattern. Currently, Wave (C) is advancing with its potential downside target aligned with the 0.618 Fibonacci retracement level ($2,891.52).
Ethereum (ETH/USD) Trading Strategy
- ETH is expected to approach the $2,891–$2,829 support zone, completing Wave II.
- A bullish reversal in this zone may indicate the commencement of Wave III, leading to an upward trend.
- Remaining above $2,891 is critical for sustaining the integrity of the Elliott Wave structure.
- A decisive rally above $3,600 would confirm the correction's conclusion and the start of an impulsive Wave III.
Technical Analyst: Kittiampon Somboonsod
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