Ethereum Price Prediction: Ideal Target Revealed
Ethereum price is drifting into the red zone along with most of the top 10 coins. As of this writing, ETH is down more than 2% and is trading just below $3,300.
Long-term analysis: The cycle is coming to an end
Looking at the long-term chart of Ethereum, The market follows the Elliott Wave pattern, This helps analyze market sentiment. While analysis is still somewhat subjective, Fibonacci levels and support areas add an element of objectivity.
Ethereum is currently in an uptrend and may be about to complete a larger cycle. After forming waves 1, 2, 3, and 4 since the 2018 lows, Ethereum may be approaching wave 5, signaling a possible top in the trend. However, higher highs are still needed to form compared to the 2021 peak.
Loss of momentum: a sign of fatigue
The recent price action shows weaker momentum compared to previous waves. Waves 1 and 3 saw dramatic price movements, but Wave 5 showed signs of waning in intensity, which is typical at the end of a cycle. This could signal the final stages of a bull run, where tracking and trading Ethereum becomes increasingly difficult and risk levels rise.
Correction phase: observe the support area
The price of Ethereum is still in a correction phase, with a potential ABC structure forming a second wave. As long as the support between $2,470 and $3,167 holds, the price is still likely to rise. The ideal target for this rally is $3,572.
Bearish Turn: Key Support Level Broken
However, the outlook will turn bearish if the price of Ethereum falls below the $2,470 support area. Currently, the market is still in a correction phase, but a break above key resistance levels, especially between $3,415 and $3,648, would confirm whether a more bullish trend is developing.
